UPI platforms

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

The report also stated that the facilitation fee of 0.3% can generate around INR 5,000 crore in 2023-24

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

Also, RBI has plans to expand the scope of Bharat Bill Payment System (BBPS) to include all categories of payments and collections, both recurring and non-recurring in nature

With its wholesale and retail pilots being live, will the central bank be able to create a loyal user base?

The partnership between NIPL and Worldline aims at expanding acceptance of Indian payment means across Europe

Deputy governor of RBI said that RBI mainly focuses to scale the digital infrastructure while preserving the technical stability

The reports said that government is likely to treat the unified payments interface (UPI) as public good in which customers do not required paying

The ministry also said that the concerns of the service providers for cost recovery have to be met through other means

PM Modi said this accomplishment indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner