RBI Governor Explores Strategies for Enhancing UPI Adoption with Industry Leaders

RBI Governor Shaktikanta Das met with banks and stakeholders to discuss expanding the UPI ecosystem. Strategies included scaling up infrastructure, expanding product offerings, and fostering innovative solutions. Discussions focused on integrating potential users into the digital payments ecosystem, addressing challenges, and receiving suggestions for further action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.

Reserve Bank Governor Shaktikanta Das on Wednesday discussed with banks and other stakeholders ways to scale up the UPI ecosystem, expand products and foster innovative payment solutions.

UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.

Das held a meeting on Wednesday with major stakeholders in the UPI ecosystem - banks, NPCI, third-party application providers and technology service providers - to discuss potential strategies for further expanding the reach of UPI, RBI said in a statement.

''There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI. The stakeholders shared their valuable inputs and suggestions,'' it said.

The discussions broadly covered strategies for scaling up UPI infrastructure and expanding product portfolio, and challenges being encountered by the ecosystem and innovative solutions for addressing the same.

The deliberations focused on innovative ideas to integrate potential users into the digital payments ecosystem.

The various suggestions received will be examined and suitable action will be initiated in due course by the Reserve Bank, the central bank said.

The meeting was also attended by RBI Deputy Governor T Rabi Sankar and other senior officials of the central bank.

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