UPI-based payment products to be launched for feature phone users: RBI

The RBI governor Shaktikanta Das announced that UPI-based payment products will be launched for feature phone users.

The Governor also enhanced the transaction limit to Rs 5 lakh from Rs 2 lakh for UPI payments for RBI’s Retail Direct scheme and IPO offering applications.

RBI’s Retail Direct scheme facilitates investment by individuals into government securities by opening a gilt securities account with the central bank.

The RBI Governor also allowed on-device wallet in UPI for small value transactions. This will make the process of making smaller value transactions easier.

The Governor said that this will help deepen the UPI payments in the overall retail payments space and ease transaction for consumers. It will also help in easier investments into government securities and IPOs.

The RBI Governor further said that it will release a discussion paper on various charges in payment system which includes cards, wallets and UPI.


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