RBI meets stakeholders to discuss strategies to widen scope, reach of UPI

India's central bank held a meeting with stakeholders to discuss potential strategies to further expand the reach of the country's home-grown payments system Unified Payments Interface (UPI), it said on Wednesday.

The stakeholders, including banks, the National Payments Corporation of India, third-party application providers and technology service providers, discussed strategies to scale up UPI infrastructure and expand the portfolio of products, the Reserve Bank of India (RBI) said in a statement.

They also discussed challenges in the ecosystem and innovative solutions to address them, the RBI said.

UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details.
 

UPI transaction volumes rose 54% in March, as compared to 60% a year ago.

The parties also explored ways 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," it said.