The Reserve Bank of India (RBI) is preparing to bring UPI-based payment products for feature phones soon. RBI Governor Shaktikanta Das gave this information.
New Delhi: Mobile customers using feature phones are soon going to get great news and like smartphone users, feature phone users will also get the facility of UPI payment. The Reserve Bank of India (RBI) is preparing to bring UPI-based payment products for feature phones soon. This information was given by RBI Governor Shaktikanta Das during the monetary policy announcement.
On Device UPI Wallet Will Be Launched
Apart from this, Reserve Bank of India (RBI) is going to launch ‘On-device’ wallet in the UPI app to make low value transactions more efficient. According to RBI’s Monetary Policy Report, there are about 118 crore mobile users in India and out of this about 74 crore are smartphone users. That is, the number of people using feature phones in the country is about 44 crores.
These 4 big announcements of RBI will prove to be game changer
1. On Device UPI Wallet
- UPI Wallet for small amount payments.
- Offline transactions will be possible without internet.
- Money can be added to the wallet through UPI in the smartphone and small amount can be paid without internet.
- There will be no complaint of transaction failure for customers.
- There will be less burden on the banks’ services and the cost of resources will be less.
- On-device UPI wallet will be launched on the lines of prepaid instruments.
- In UPI transactions, 50% of the payment is made for an amount less than Rs 200.
- There will be no change in the transaction experience for the customers.
- There will be a fixed amount limit in the UPI wallet for small payments.
2. UPI for feature phones
– It will be a boon for 44 crore subscribers present in the country.
– UPI payments through phones without internet
– Retail payments will be introduced through regulatory sandbox
– After connecting to UPI, customers of feature phones will be eligible for BNPL
3. Consideration of making charges for digital payments affordable
- Consideration to make the charges of digital payments affordable for all.
- Discussion paper will be issued on the charges related to debit card, credit card, PPI.
- Merchant related MDR charges will be considered.
- Merchants providing service bear the MDR charges.
- Feedback will be taken on the convenience fees and surcharges levied in the payments.
4. UPI investment limit increased from Rs 2 lakh to Rs 5 lakh
UPI investment limit in Retail Direct Scheme will be increased from Rs 2 lakh to Rs 5 lakh.
Investment of up to Rs 5 lakh is possible through UPI to buy government securities.
UPI investment limit will be raised to Rs 5 lakh in IPO investment also.
SEBI is considering a new special category in HNI for investment from Rs 2 lakh to Rs 10 lakh.
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