RBI is keeping updating the notification regarding new partnerships, cryptocurrency affairs, and other money and transaction-related info. Everyone is feeling comfortable to pay with digital transaction methods Bhim UPI, Phonepe, Google Pay. Many eCommerce sites have also made an interface to make digital payment easier. Today this news is also about the UPI development. RBI has decided to launch a UPI feature to support digital transaction facilities.
In India, everyone has a smartphone or a feature phone. There is a large base of people who still use the feature phone along with smartphones. To enable the digital transaction facility to all the feature phones, RBI is going to take an initiative. This will be focused on the concept of retail payment.
All the products that were demonstrated will complement available payment solutions and make digital payment accessible on feature phones.
Many innovators work on the same project of digital payment solutions. RBI has checked the glimpse and highlights of these payment solutions at the time of RBI Regulatory Sandbox. RBI is impressed with the demonstrations of such platform solutions.
All the insights related to this feature phone platform-based UPI payment facilities will be unboxed soon in front of everyone.
The Central Bank of India Is also planning to bring a convenient option of on-device wallets. This will be associated with UPI apps. With this launch, users can make small-ticket transactions.
This new facility will not misuse the resources of banks but make the user’s experience more better and convenient.
As things are not clear how it will be accessible or operated through feature phones, one thing we can say now is that feature phone users don’t have to rely completely on the smartphone.
This new initiative made by RBI will take the graph of digital payment users to the next level and keep the transaction more secure and hassle-free.
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