The UPI payment system was limited to smartphones with internet connectivity till now. While UPI turned out to be a hit for fuelling digital payments in the country, its accessibility to the masses with feature phones was awaited for a long time, the report said.
“While we have been growing impressively in digital payments, a large part of digitisation is limited to people with smartphones. There are about 40 crore feature phone users who have limited access to digital payments,” said T Rabi Sankar, RBI deputy governor.
Transaction projected to grow
UPI is a platform developed by the National Payments Corporation of India (NPCI) together with the Reserve Bank of India and the Indian Banks Association (IBA). It is a platform that brings together various banking services and features in a single app. Users have a unique UPI ID that can be used to send and receive payments using a secure PIN. These payments can be made using a mobile number associated with the UPI ID as well, the media report said.
Digital payment via UPI is not only safe, but it fastens and simplifies the way we send and receive money. It also makes payments seamless for new age app-based food delivery, ride-hailing, e-commerce and similar services.
