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Soon, RBI to launch new on-device wallet for small value UPI transactions, product for feature phones
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financialexpress.comThe RBI is going to simplify process flow through a new “on-device” wallet for small value UPI transactions. The Central Bank is also going to launch a UPI-based payment product for feature phone users.
In the ‘Statement on Developmental and Regulatory Policies’ released today (December 8, 2021), the Reserve Bank of India (RBI) announced proposals to ease the process for small value transactions and popularise UPI payment through feature phones.
UPI for Feature Phone Users
Currently, feature phone users can use NUUP (National Unified USSD Platform) as an option for availing basic payment services using the shortcode of *99#. However, the use of this feature has not picked up. Hence, the central bank has proposed to launch a UPI-based payment
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