Reserve Bank Governor Shaktikanta Das and Deputy Governor T Rabi Sankar recently convened a meeting with major stakeholders in the payment ecosystem to discuss expanding the reach of the UPI platform. With over 80% of digital transactions now happening via UPI, stakeholders including banks, NPCI, third-party app providers, and tech service providers participated in discussions. The meeting covered strategies for scaling up UPI infrastructure, addressing challenges, and integrating more users into the digital payments ecosystem. Suggestions gathered will be reviewed for potential implementation by the RBI. Governor Das highlighted that UPI accounts for 80% of digital payments and has seen a 90-fold growth in the past 12 years, with India now representing 46% of global digital transactions.
RBI Governor Engages Stakeholders to Expand UPI Reach
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