UPI Lite | RBI will introduce simple system with UPI, it will be possible to send money without mobile network



File Photo Mumbai: The Reserve Bank of India is working on a lightweight payment and settlement system. The system will work in natural calamities or violence-prone areas with minimal resources and will help users transfer money very easily. When will this facility start? However, RBI has not yet clarified anything about this. The currently available options for remittance i.e. UPI, NEFT or RTGS all work with the help of internet and information technology. RBI says that the lightweight payment system will not depend on internet and information technology techniques, meaning you can transfer money through this facility even when there is no mobile network and internet. Lightweight system mentioned in RBI’s annual report RBI has published its annual report for 2022-23 on 30 May. In this, the bank has mentioned a lightweight and portable payment system. RBI has written that the system will work with minimum hardware and software and will be used only when needed. That is, unlike UPI and other payment methods, the lightweight system will not be open to all. This system will be used only in situations where currently available facilities like UPI, NEFT or RTGS will not work. RBI says that this arrangement will not allow the payment and settlement system of the country to come to a standstill under any circumstances and will maintain the liquidity pipeline of the economy. With the introduction of this system, there will be no disruption in essential payment services. The purpose of this system is to facilitate the transactions necessary for the economy to remain stable. RBI said in its statement, ‚ÄúThis system will do the same work in the payment system that bunkers do in the event of war. This will enhance public confidence in digital payments and financial market infrastructure even under the most adverse conditions. Also read How will the lightweight system be different from UPI? Currently, there are various payment options available in India. Presently we use many facilities like UPI, NEFT or RTGS to exchange money. RBI says that all these options are enabled for large transactions. Meanwhile, these campuses are based on network and advanced information technology infrastructure. According to RBI, the information and communication infrastructure is affected in critical situations. Therefore, existing payment systems cannot work in such conditions. Therefore it is important to be prepared for such a situation. That’s why a new system has been considered and work is going on.

Leave a Reply

Your email address will not be published. Required fields are marked *