Subscribe to Updates

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

    What's Hot

    PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic

    January 23, 2023

    360 ONE acquires Mumbai Angels; announces two new funds with them

    January 23, 2023

    Kotak General Insurance partners with Clootrack to enhance customer centricity

    January 23, 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 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

    AU Small Finance Bank introduces menstrual leaves for women employees

    January 18, 2023

    ICICI Bank launches digital solutions for exporters

    January 7, 2023

    SIDBI partners with M1xchange as financier to provide more liquidity to MSMEs

    December 19, 2022

    AU Small Finance Bank and HDFC Life announce Bancassurance tie-up

    December 19, 2022

    Leave A Reply Cancel Reply

    Recent Posts

    • PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic
    • 360 ONE acquires Mumbai Angels; announces two new funds with them
    • Kotak General Insurance partners with Clootrack to enhance customer centricity
    • Upstox partners with ‘Trading View’ to empower traders with simplicity
    • AU Small Finance Bank introduces menstrual leaves for women employees

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    PLANET App by L&T Financial Services Crosses 1.5 Million Downloads

    January 7, 2023

    SIDBI enters Co-lending Space for Unsecured Loans to MSMEs, partners with Ambit Finvest

    December 31, 2022

    Piramal Finance launches ‘Innovation Lab’ in Bengaluru

    December 19, 2022

    Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance, India’s largest retail finance NBFC

    December 5, 2022
    New Policy
    Policy

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

    November 23, 20220By Bfsinxt Desk

    The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.

    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

    RBI launches दक्ष (DAKSH) – Reserve Bank’s Advanced Supervisory Monitoring System

    October 8, 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.