Indore, Sep 1: Governor of Reserve Bank of India (RBI) Shaktikanta Das has said that initiatives have been taken to make feature phones (keypad mobile phones) also operate the UPI payment system.
Das made the remark while speaking at a program organised at Devi Ahilya Vishwavidyalaya (DAVV) in Madhya Pradesh’s Indore district on Friday.
“The upi payment system has been recognised as a great success internationally. It is one of the initiatives of the Reserve Bank with the solid support of the government without their support it would have not been possible. With the support of the government, RBI has been able to make the upi as the largest payment system in the world,” the RBI governor said.
He also said that he was sharing information in his central board meeting on Friday that the number of transactions for the month in the UPI exceeded 10 billion in the month of August. The upi was started in September 2016 and then after the growth has been very steady and now it has crossed 10 billion. But that's not enough, it will grow further.
“We have encouraged digital payment but the main challenge on the upi is that it usually needs a smartphone but in our country a large number of people are using feature phones. We have launched some products to make feature phones to operate the UPI system as well. We have also taken steps to ensure that in areas where there is poor connectivity a wallet, kind of facility through which one can make transactions on the UPI,” he added.