RBI Governor discusses ways to scale up UPI ecosystem with stakeholders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reserve Bank Governor Shaktikanta Das on Wednesday discussed with banks and other stakeholders ways to scale up the UPI ecosystem, expand products and foster innovative payment solutions.

UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.

Das held a meeting on Wednesday with major stakeholders in the UPI ecosystem — banks, NPCI, third-party application providers and technology service providers — to discuss potential strategies for further expanding the reach of UPI, RBI said in a statement.

“There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI. The stakeholders shared their valuable inputs and suggestions,” it said.

The discussions broadly covered strategies for scaling up UPI infrastructure and expanding product portfolio, and challenges being encountered by the ecosystem and innovative solutions for addressing the same.

The deliberations focused on innovative ideas to integrate potential users into the digital payments ecosystem.

The various suggestions received will be examined and suitable action will be initiated in due course by the Reserve Bank, the central bank said.

The meeting was also attended by RBI Deputy Governor T Rabi Sankar and other senior officials of the central bank.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow