🐘From UPI to e₹🇮🇳: The Annual Report of the Reserve Bank of India and Achievements in Digital Payments

🐘From UPI to e₹🇮🇳: The Annual Report of the Reserve Bank of India and Achievements in Digital Payments

The RBI is clearly focused on innovation. It is worth mentioning that, based on the UPI protocol and with collaboration from Indian colleagues — the Central Bank of Peru🇵🇪 has started developing its own fast payment system.

➡️UPI — India’s Unified Payment Interface. In March 2024, the number of UPI transactions reached 13 billion, and the volume increased by 44.3%.

➡️The reduction in average transaction size indicates that UPI support is facilitating small retail transactions, improving financial accessibility and user convenience.

➡️Innovations of the 2023-2024 period: NFC-based UPI-Lite (for offline payments optimization) and “Conversational Payments” through WhatsApp.

➡️ The “Bharat” Bill Payment System (BBPS) was launched, simplifying bill payments through a wide network of digital and physical points of sale.

➡️ In 2023-2024, the RBI conducted pilot projects with various use cases of the digital rupee (e₹), such as in retail commerce (e₹-R) and wholesale e-commerce (e₹-W), ensuring compatibility with UPI to enhance user convenience.

➡️ Internationally, RBI facilitated the linkage of RuPay cards and UPI between India and Mauritius🇲🇺, as well as between India and Sri Lanka🇱🇰. This connection aims to facilitate cross-border payments, improve trade relations, and offer seamless payment options for import and export operations.

➡️ A state technology platform for seamless loan disbursement (PTPFC) was developed.

➡️ An alternative authentication mechanism to SMS-based one-time passwords (OTPs) is being introduced to mitigate risks during payments.

➡️ The RBI expanded the Central Payment Fraud Information Registry (CPFIR), including cooperative banks, regional rural banks, and urban cooperative banking organizations.

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