This move of RBI is expected to help both Indian citizens and NRIs.
UPI Lite, RuPay Credit Card on UPI and Bharat BillPay cross-border bill payment have been launched.
This initiative will revolutionize the digital payment ecosystem.
New Delhi. Now making digital payments from India or other countries has become easier than before, because the Reserve Bank of India (RBI) has taken a very important step to take digital payments to the next level. (RBI) Governor Shaktikanta Das has launched UPI Lite, RuPay credit card on UPI and Bharat BillPay cross-border bill payment at the Global Fintech Fest 2022. Actually,
This initiative was announced by the central bank during the announcement of the last monetary policy.
At the same time, this move of RBI is expected to help both Indian citizens and NRIs, as it covers almost all categories of customers. This initiative will revolutionize the digital payment ecosystem. It will also provide the ability to increase the reach of digital payments to many new users in India and abroad. Talking about this initiative, Sumit Gwalani, co-founder of Fi Money, a neo-bank, said that the recently launched digital payment initiative by RBI and NPCI is based on the phenomenal success of UPI. And it simultaneously covers almost all categories of low-cost users. He said that UPI crossed 6 billion transactions in July, which is the highest ever since 2016.
Link of RuPay Credit Card on UPI: Till now only debit cards were allowed to be linked with UPI. But there was no option to link credit card and UPI till now. At the same time, RBI has found a solution for this. Now RBI has launched Rupay credit card on UPI and UPI Lite network. After its arrival, people will now be able to make payments through UPI through credit cards as well. After this decision of RBI, it will help in expanding the credit ecosystem.
UPI Lite: RBI has launched UPI Lite in India for low cost transactions. UPI Lite will work like UPI. But it is faster and simpler than that. The special thing is that with UPI Lite, users can make payments without internet connection, allowing users to send money quickly even during downtime and peak hours. Let us tell you that with UPI Lite, you can pay a maximum of 200 rupees to any one person at a time. Also, the total limit of UPI light balance will be Rs 2,000 only. Currently 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 are live with this feature.
Bharat BillPay Cross-Border Bill Payment: Bharat BillPay Cross-Border Bill Payment has been started to make bill payment easier for people living outside India. This facility will help people living abroad to make payments including water, telephone and electricity bills for their home in India. Federal Bank Bharat BillPay along with UAE’s Lulu Exchange will be the first bank to go live with cross-border bill payment facility in the initial phase.