RBI To Launch UPI Based Payment Products For Feature Phone To Make UPI Payment Easier

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UPI Payment on Feature Phone: There is good news for mobile customers having 55 crore feature phones in the country. The Reserve Bank of India will soon launch UPI-based payment products for feature phones. RBI Governor Shaktikanta Das has said these things while announcing the bi-monthly loan policy. He also said that “on-device” wallet will be launched for small value UPI transactions.

In fact, there are currently no UPI-based payment apps for feature phones (non-smartphones) in the country so that mobile customers who own these phones can do UPI transactions from their feature phones. However, at present, users on mobile phones without internet can do UPI transactions through NUUP (National Unified USSD Platform). By dialing *99# to this system, the user can do transactions through the interactive menu. However this system could not catch up.

Promotion of digital payment

Due to which RBI is going to launch new UPI-based payment products for feature phones, so that large sections of the country who do not have smart phones, who keep feature phones with them, can also do UPI transactions easily. RBI Governor Shaktikanta Das said that this move of RBI will help in promoting digital payments in the country. Along with this, it will help in making many types of investments and UPI payments.

On-device wallet for small value UPI payments

RBI will come up with an on-device wallet to facilitate small value UPI payments. According to RBI, more than 50 percent of UPI payments in the country are less than Rs 200. Many resources are used in making these payments, due to which many times the transaction is not completed. An on-device wallet will be introduced to simplify small value UPI payments. However, the deadline for launching these UPI payment projects has not been given.

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