The governor of RBI meets with UPI stakeholders and talks about future plans

On Wednesday, Reserve Bank of India Governor Shaktikanta Das met with the principal players in the UPI ecosystem.

Discussions focused on possible tactics for extending UPI’s reach among the stakeholders, which included banks, the National Payments Corporation of India (NPCI), third-party application providers, and technology service providers.

Along with top RBI officials, T. Rabi Sankar, the deputy governor of the RBI, also attended the meeting.

In a news statement, the RBI said that extensive talks had taken place on a number of topics related to expanding and strengthening the use and acceptance of UPI.

The stakeholders offered insightful comments and recommendations on a range of topics, including tactics for growing the UPI product line and enhancing its infrastructure.

Innovative approaches to incorporating new consumers into the digital payments ecosystem were also discussed, along with the challenges the ecosystem is facing and creative ways to overcome them.

The Reserve Bank of India said, “The various suggestions received will be examined and suitable action will be initiated by the Reserve Bank in due course.”

India’s digital payment use is reaching all-time highs as more and more of its people embrace the new online payment methods.

In India, the UPI payment system has gained immense popularity for digital retail payments, and its uptake is happening quite quickly.

India’s mobile-first quick payment system, UPI, enables users to establish a Virtual Payment Address (VPA) and make instantaneous, round-the-clock payments. In India, the UPI payment system has gained immense popularity for digital retail payments, and its uptake is happening quite quickly.

The Indian government has prioritized, among other things, making sure that the advantages of UPI extend beyond India and help other nations as well. Thus far, India has collaborated or plans to collaborate with other countries on developing fintech and payment solutions, including Sri Lanka, Mauritius, France, the United Arab Emirates, and Singapore.

In 2023, UPI’s percentage of digital payments in India would have approached 80%. According to figures from 2022, India now represents almost 46% of global digital transactions.