RBI Governor leads discussions on UPI expansion with stakeholders

Reserve Bank of India Governor Shaktikanta Das led discussions on Wednesday with banks and other key stakeholders to explore avenues for scaling up the UPI ecosystem, enhancing product offerings, and fostering innovation in payment solutions.

The Unified Payments Interface (UPI) serves as an instant real-time payment system developed by the National Payments Corporation of India (NPCI), facilitating seamless inter-bank transactions via mobile phones.

In a statement issued by the RBI, it was disclosed that Governor Das convened a meeting with major stakeholders in the UPI ecosystem, including banks, NPCI, third-party application providers, and technology service providers. The objective was to deliberate on strategies aimed at expanding the reach and usage of UPI.

"Various aspects were discussed to broaden and deepen the adoption and usage of UPI. Stakeholders contributed valuable insights and suggestions," the statement read.

The discussions encompassed strategies for scaling up UPI infrastructure, diversifying product portfolios, and addressing challenges encountered by the ecosystem, while also exploring innovative solutions.

Particular emphasis was placed on devising innovative approaches to integrate new users into the digital payments landscape.

The Reserve Bank affirmed that all suggestions put forth during the meeting will be carefully examined, and appropriate actions will be undertaken in due course to further enhance the UPI ecosystem.

Attended by RBI Deputy Governor T Rabi Sankar and other senior officials of the central bank, the meeting underlined the commitment of regulators and industry players to drive innovation and inclusivity in India's rapidly evolving digital payments landscape.

(With PTI inputs)