Indian regulators such as the Securities and Exchange Board of India and the Reserve Bank of India have constantly embraced innovation in the finance and fintech space, paving the way for a mature economy.
With the UPI ATMs, any bank customer can experience the convenience of QR-based cash withdrawals.
Developed by the National Payments Corporation of India (NPCI), the features include credit lines on UPI, UPI Lite X, Tap and Pay, and conversational payments.
The move aims to deliver unprecedented convenience and accessibility to its customers
Ashwini Vaishnaw shared the transformation of the post offices into a digitally powered network, capable of doorstep delivery of government services in remote areas
India's flagship payment platform Unified Payments Interface (UPI) continued to be the most dominant channel for digital payments in 2022 with a 70% increase in the number of transactions to 74 billion and a 54% increase in the value, stated the report
As per the circular issued on March 24, the changes will come into effect from April 1, 2023
Shaktikanta Das added that the overall monthly digital payment transactions crossed over INR 1,000-crore-mark each month during the past three months
The RBI release also reportedly clarified that the facility is available to travellers from G-20 countries, at selected international airports such as Bengaluru, Mumbai and New Delhi
The UPI-PayNow linkage is said to be the world's first such linkage to feature cloud-based infrastructure and have participation from non-banking financial institutions
The minister also mentioned that the Prime Minister's Vision of the digital revolution is having a transformative impact on the hard-to-reach people in the country
MobiKwik by supporting RuPay Credit Card on UPI will be expanding its credit penetration in its target tier 2, 3 & 4 Indian cities
Under the scheme, banks will be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year
Dilip Asbe said UPI can reach the milestone of a 'billion transactions a day' in the next two-three years from a peak of around 280 million transactions at present