Shaktikanta Das, governor of the Reserve Bank of India (RBI), announced the UPI on RuPay credit cards and the UPI Lite for feature phones. He also declared that the Bharat Bill Pay System (BBPS) will support cross-border bill payments.
Federal Bank and UAE’s Lulu Exchange will be the first to launch BBPS cross-border bill payments, while Punjab National Bank, Union Bank of India, and Indian Bank will be the first to launch UPI on RuPay credit cards via the Bhim app.
UPI Lite is a “on-device wallet” designed to support offline transactions of lower sums, much like those available on digital payment apps, while BBPS will support “inbound” cross-border bill payments.
By immediately enabling safe and secure payment transactions, RuPay credit cards will be connected to a Virtual Payment Address (VPA), also known as a UPI ID. According to NPCI, the initial operational phase will be focused on collecting practical lessons that will be applied to improve the proposition in succeeding phases as usage is scaled up.
