Monday, May 23, 2022

These 4 big announcements of RBI will prove to be a game-changer, Now you can do UPI payments with features phones too

The Reserve Bank of India (RBI) is soon preparing to bring a UPI-based payment product for feature phones. RBI Governor Shaktikanta Das gave this information.

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 an ‘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 crores are smartphone users. That is, the number of feature phone users in the country is about 44 crore.

These 4 big announcements of RBI will prove to be game-changer

On Device UPI Wallet  – UPI Wallet for small amount payments.

– Offline transactions will be possible without the internet.

Money can be added to the wallet through UPI in the smartphone and small amounts can be paid without the 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.

Read More: This is how Kia’s fresh new car appears, and here’s all you need to know about this three-row MPV

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 the regulatory sandbox    

– After connecting to UPI, customers of feature phones will be eligible for BNPL 

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.

UPI investment limit increased from Rs 2 lakh to Rs 5 lakh

UPI investment limit in the 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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