Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), has announced significant steps to make the UPI payment system accessible on basic feature phones. During his address at Devi Ahilya Vishwavidyalaya (DAVV) in Madhya Pradesh's Indore district, Governor Das shared insights from the central board meeting, revealing that UPI transactions had surpassed 10 billion in August.
Governor Das highlighted the global success of the UPI payment system, attributing it to a collaborative effort between the RBI and the government. He acknowledged the crucial support of the government in transforming UPI into the world's largest payment system.
"We have promoted digital payments, but a major challenge with UPI is its reliance on smartphones. In our country, a significant portion of the population uses feature phones. To address this, we have introduced products that enable feature phones to utilize the UPI system. Additionally, we have implemented measures to facilitate UPI transactions in areas with poor connectivity through a wallet-like solution," he explained.
Governor Das also noted India's pioneering role in the launch of a Central Bank Digital Currency (CBDC) known as the e-rupee. This digital currency, akin to traditional paper currency, is currently undergoing pilot testing, with numerous trials in progress.
These initiatives underscore India's commitment to financial inclusion and the advancement of digital payment systems, ensuring that a broader segment of the population can participate in the country's evolving financial landscape.
[Source: Adapted from ANI]
