Subscribe to Updates

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

    What's Hot

    Hyperface and Tutelar tie- up for fraud and risk management services

    May 6, 2024

    PhonePe ties up with Star Health Insurance offers monthly payments plan

    April 17, 2024

    Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance

    April 17, 2024
    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 Governor Launches Three Key Digital Payment Initiatives at Global Fintech Fest 2022
    Banking

    RBI Governor Launches Three Key Digital Payment Initiatives at Global Fintech Fest 2022

    NPCI said with the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
    September 22, 20223 Mins ReadBy Bfsinxt Desk
    Twitter LinkedIn WhatsApp

    Reserve Bank of India (RBI) Governor, Shaktikanta Das in the presence of Nandan Nilekani, Chairman Infosys and Advisor to NPCI, and Biswamohan Mahapatra, Chairman NPCI launched three key initiatives at the Global Fintech Fest 2022 held in Mumbai, Maharashtra that will take India’s digital payments journey to the next level – RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments.

    NPCI said with the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.

    It added, RuPay Credit Cards will be linked to a Virtual Payment Address (VPA) i.e. UPI ID, thus directly enabling safe, and secure payment transactions. The initial phase of operationalisation will be centred on extracting actionable learnings that would be used to fine-tune the proposition in later phases to scale up the usage. Customers of Punjab National Bank, Union Bank of India, and Indian Bank will be the first to be able to use RuPay Credit Card on UPI with BHIM App, NPCI said in a release.

    UPI Lite will provide users with a convenient solution for faster and simpler low-value transactions. At present, India is thriving on low-value UPI payments with 50% of transactions through UPI below ₹200. With UPI Lite enabled on BHIM App, users will be able to make small-value transactions in a near-offline mode. UPI Lite will reduce the debit load on the core banking system, thereby improving the success rate of transactions further, enhancing the user experience, and taking us one step closer to processing a billion transactions a day on the UPI platform. The upper limit of a UPI Lite payment transaction will be ₹200 while the total limit of UPI Lite balance for an on-device wallet will be ₹2,000 at any point in time. Eight banks are live with the feature including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India Union Bank of India and Utkarsh Small Finance Bank.

    Further, the Hon’ble Governor also launched the Bharat BillPay Cross-Border Bill Payments which will make bill payments easier for people residing out of India but also maintaining a house in India. With more than 30 million Indians staying abroad, India is one of the top 5 biggest recipients of inward remittances. Bharat BillPay Cross-Border Bill Payments facility will empower and enable Non-Resident Indians (NRIs) to undertake utility, water, and telephone-related bill payments on behalf of their families in India. Federal Bank with UAE’s Lulu Exchange will be the first to go live with Bharat BillPay Cross-Border Bill Payments.

    Together, RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments initiatives gives the potential to revolutionize the digital payments ecosystem and extend the reach of digital payments to many new users across India & abroad and aid the journey of onboarding the next 300 Mn users on digital payments.

    RBI
    Previous ArticleMAS and IFSCA to Pursue Cross-border FinTech Innovations
    Next Article Sustainability of FinTech is about customer protection, cyber security, managing financial integrity and strong data protection, says RBI Governor Das
    Bfsinxt Desk

    Related Posts

    Cashfree Payments launches ‘RiskShield’ to combat cyber payment frauds

    April 10, 2024

    Mastercard ties-up with Alipay for cross-border solutions

    April 10, 2024

    Indian banking sector continues to grow with better asset quality, high credit growth: FICCI- IBA Bankers’ Survey

    March 27, 2024

    NPCI International signs MoU with Eurobank to drive inward remittances

    March 21, 2024

    Leave A Reply Cancel Reply

    Recent Posts

    • Hyperface and Tutelar tie- up for fraud and risk management services
    • PhonePe ties up with Star Health Insurance offers monthly payments plan
    • Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance
    • Cashfree Payments launches ‘RiskShield’ to combat cyber payment frauds
    • Mastercard ties-up with Alipay for cross-border solutions

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    Aditya Birla Housing Finance launches ‘ABHFL- Finverse’ for better loan experience

    March 30, 2024

    Shriram Finance raises USD 750mn through Social Bond from International Bond Markets

    January 23, 2024

    Karnataka Bank and Clix Capital enter into a Co-Lending Partnership

    January 17, 2024

    UGRO Capital raises USD 30 Million through NCDs from FMO

    January 2, 2024
    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
    © 2025 bfsinxt.com.

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