RBI to launch UPI-based payment product for feature phone users
RBI wants to enable small value transactions through an “On-device” wallet in UPI app which will conserve banks’ system resources, without any change in the transaction experience for the user
The Reserve Bank of India (RBI) on Wednesday said it has decided to launch a UPI-based payment product for feature phone users. Feature phones are basic phones, which typically provide voice calling and text messaging functionalities. Some of these devices also have basic multimedia and internet options.