The Reserve Bank of India (RBI) Governor Shaktikanta Das announced three key digital payment initiatives on the sidelines of Global Fintech Fest 2022 on Tuesday.
RuPay credit card on the unified payments interface (UPI) network, low-value transaction focused solution UPI LITE, and Bharat BillPay Cross-Border Bill Payments were among the new products introduced. The services were launched in the presence of NPCI chairman Biswamohan Mahapatra, as well as Infosys chairman and NPCI advisor Nandan Nilekani. The three initiatives, according to NPCI, have the potential to’revolutionize the digital payments ecosystem, extend the reach of digital payments, and aid the journey of onboarding the next 300 million users on digital payments.’