Three digital payment initiative launched at Global Fintech Fest
RBI Governor Shaktikanta Das has launched three key initiatives i.e. RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments, at the Global Fintech Fest 2022.
Shaktikanta Das launched these three initiatives in the presence of Nandan Nilekani (Chairman Infosys and Advisor to NPCI), and Biswamohan Mahapatra (Chairman National Payments Corporation of India).
Global Fintech Fest 2022:
It is the third edition of Global Fintech Fest which is organized by the National Payments Corporation of India (NPCI), Payment Council of India (PCI), and Fintech Convergence Council (FCC).
It is a hybrid event which is being held on September 19th-22nd, 2022 at the Jio World Convention Center in Mumbai.
The theme for Global Fintech Fest 2022 is ‘Creating A Sustainable Financial World – Global | Inclusive | Green‘.
Advantages of 3 digital payment initiatives:
Advantages of Rupay Credit Card to UPI:
- RBI Governor Shaktikanta Das informed the benefit of linking the RuPay Credit Card to UPI:
- Users now have more opportunities to use their credit cards, and retailers will profit from greater consumption by being part of the credit ecosystem by accepting credit cards utilizing assets such as QR codes.
- RuPay Credit Cards will be linked to a Virtual Financial Address (VPA) that also known as a UPI ID which is allowing for safe and secure payment transactions.
Who get the benefits first?
Customers of Punjab National Bank, Union Bank of India and Indian Bank will be able to use their Rupay credit cards for the first with UPI and the BHIM App.
Advantages of UPI Lite:
- It would be enabled consumers to conduct low-value transactions more quickly.
- Enabled users of UPI Lite on the BHIM App will be allowed to conduct small-value transactions in a near-offline mode. It is awaited to minimise the debit strain on the core banking system, increasing transaction success rates and improving user experience.
- The maximum value of a payment transaction is allowed to Rs 200, and the total limit of UPI Lite balance for an on-device wallet would be Rs 2,000 at any moment.
Who will get benefit first?
Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank are among the eight institutions that have implemented the function.
Advantages of Bharat BillPay cross-Border Bill payments:
- The RBI Governor has also introduced the Bharat BillPay Cross-Border Bill Payments that would make bill payments easier for persons who live outside of India yet own property in India.
- This service benefits to NRIs to pay utility, water, and telephone bills on behalf of their Indian relatives.
Who get the benefit first?
Federal Bank, in collaboration with the UAE’s Lulu Exchange, would be the first to accept Bharat BillPay Cross-Border Bill Payments.
According to an NPCI these three key initiatives have the potential to revolutionize the digital payments ecosystem and extend the reach of digital payments to many new consumers across India as well as internationally.
Question & Answer:
Q1. Who has launched three key initiatives at the Global Fintech Fest 2022?
Ans. Shaktikanta Das (RBI Governor)
Q2. What is the theme of 3rd Global Fintech Fest 2022 which is being held at Jio World Convention Center in Mumbai?
Ans. ‘Creating A Sustainable Financial World – Global | Inclusive | Green
Q3. Name the three key initiatives which recently launched at Global Fintech Fest 2022.
Ans. RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments