Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    SIDBI joins hands with TDB to support MSMEs

    December 1, 2023

    Quickwork raises $2.5 mn in funding round led by DMI Sparkle Fund to democratise enterprise automation

    November 21, 2023

    Radiant Cash Management Services announces foray into fintech with the acquisition of Acemoney

    November 21, 2023
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » RBI bats for simplification of process flow for small value transactions on UPI
    Policy

    RBI bats for simplification of process flow for small value transactions on UPI

    Low value UPI transactions utilise significant system capacity and resources, at times leading to customer inconvenience due to transaction failures because of issues related to connectivity.
    December 8, 20211 Min ReadBy editor
    Twitter LinkedIn WhatsApp

    The Reserve Bank of India (RBI) on December 8 announced its intention to simplify the process flow for small value transactions over UPI.

    UPI has emerged as the single largest retail payment system in the country in terms of volume of transactions (14 crore transactions per day in October 2021). One of the main objectives of UPI was to replace cash for low value transactions.

    According to RBI statement on developmental and regulatory policies, transactions data analysis shows that 50 percent of transactions through UPI were below Rs 200 indicating its success.

    However, these transactions end up utilising significant system capacity and resources at times leading to customer inconvenience due to transaction failures and issues related to connectivity.

    The central bank has thus proposed to offer a simpler process flow by enabling small value transactions through an on-device wallet in UPI application which will conserve banks’ system resources, without any change in the transaction experience for the end-user.

    RBI UPI
    Previous ArticleRBI to push UPI for feature phones
    Next Article Yes Bank ties-up with The Fintech Meetup to drive fintech innovation at grass root level
    editor

    Related Posts

    RBI announces names of third cohort on MSME lending

    October 30, 2023

    Reserve Bank of India opens Sub-office in Itanagar, Arunachal Pradesh

    October 23, 2023

    PhonePe goes live with UPI LITE

    May 4, 2023

    AU Small Finance Bank receives Authorised Dealer Category-I license from RBI

    May 4, 2023

    Leave A Reply Cancel Reply

    Recent Posts

    • SIDBI joins hands with TDB to support MSMEs
    • Quickwork raises $2.5 mn in funding round led by DMI Sparkle Fund to democratise enterprise automation
    • Radiant Cash Management Services announces foray into fintech with the acquisition of Acemoney
    • PhonePe crosses 500 million lifetime registered users, rejigs top brass
    • Zurich Insurance to acquire 51% stake in Kotak General Insurance for ₹4,051 crore

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    SIDBI and GAME launch NGAP – accelerator for small NBFCs

    October 19, 2023

    Manappuram Finance inks MoU with JCB India

    October 16, 2023

    Satin Creditcare appoints Bhuvnesh Khanna as President of Satin Finserv Limited

    July 25, 2023

    Shriram Housing Finance Ties up with DocOnline to Offer Healthcare Benefits to Customers

    July 25, 2023
    New Policy
    Policy

    Reserve Bank of India opens Sub-office in Itanagar, Arunachal Pradesh

    October 23, 20230By Bfsinxt Desk

    On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated…

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 2022

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2023 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.