RBI to develop UPI for feature phones to boost digital payments – New Delhi News
India has one of many largest cell phone customers base, with round 118 crore customers. A big a part of them use feature phones.
“In the first cohort of ‘RBI Regulatory Sandbox’, some innovators had successfully demonstrated their solutions for feature phone payments, under the theme of ‘Retail Payments’, the central bank said.
“These merchandise, coupled with different complimentary options, will facilitate UPI-based digital cost options on feature phones to promote wider digitisation. It is proposed to launch a UPI-based cost product for feature telephone customers.”
The details about the UPI platform for feature phones will be announced “shortly”.
Furthermore, in a second announcement, the central bank has proposed to come up with a simpler process through an “On-device” wallet in the UPI apps for small ticket transactions.
The mechanism will conserve banks’ resources without any change in the experience for the users.