The <\/span>Reserve Bank of India<\/span> will soon launch UPI-based payment products for feature phones, and a new \u201con-device\u201d wallet for small value UPI transactions.<\/span><\/p>\n Feature phones are basic phones, which typically provide voice calling and text messaging functionalities.<\/span><\/p>\n Currently, there are<\/span> no native UPI apps or features through which feature phone users can make UPI transactions. This is because UPI <\/span>requires a smartphone with a working internet connection to send money.<\/span><\/p>\n The only way possible for featured phone users is through NUUP (National Unified USSD Platform)<\/strong>. Here, users can dial *99# and make transactions through an interactive menu on their mobile phone. However, this method hasn’t picked up.<\/span><\/p>\n Hence, to make UPI transactions easier and more accessible<\/strong> to feature phone users, UPI-based payment products will be launched.<\/span><\/p>\n This move will increase digital penetration of financial services<\/strong> and help a large segment of people without access to smartphones or reliable internet services to transact digitally<\/span><\/p>\n RBI is also planning to launch an on-device wallet to help ease the flow of small value transactions through UPI.\u00a0<\/span><\/p>\n This is because 50% of the transactions through UPI were below Rs 200<\/strong> and these transactions use up a lot of resources<\/strong> which often results in transaction failures.\u00a0<\/span><\/p>\n Hence, to simplify the process of small value transactions<\/strong>, an on-device wallet in the UPI app will be launched. The amount consumers can put in the wallet will be capped to around Rs 2000.<\/span><\/p>\n This is expected to work the same way as Paytm\u2019s wallet, where you can add money from your bank account and transact through it.<\/span><\/p>\n Source:<\/b> This post is based on the article \u201c<\/span>RBI to have on-device wallets in UPI apps for small-ticket transactions<\/b>\u201d <\/b>published in<\/span> Business Standard <\/b>on 9th Dec 2021.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" What is the news? The Reserve Bank of India will soon launch UPI-based payment products for feature phones, and a new \u201con-device\u201d wallet for small value UPI transactions. Why RBI is launching UPI-based payment products for Feature Phones? Feature phones are basic phones, which typically provide voice calling and text messaging functionalities. Currently, there are… Continue reading RBI to have on-device wallets in UPI apps for small-ticket transactions<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,9],"tags":[10503],"class_list":["post-152025","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-public","tag-business-standard","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700779355,"cached_date":1704932455},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/152025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=152025"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/152025\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=152025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=152025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=152025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why RBI is launching UPI-based payment products for Feature Phones?<\/b><\/h5>\n
Why RBI wants to launch an On-Device Wallet for small value UPI transactions?
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