RBI Monetary Policy Comment on Introduction of `Delegated Payments` through UPI By Rahul Jain – CFO, NTT DATA Payment Services India
Below the RBI Monetary Policy Comment on Introduction of `Delegated Payments` through UPI By Rahul Jain – CFO, NTT DATA Payment Services India
Allowing Delegated Payments can be a pivotal step in expanding the userbase of Unified Payments Interface (UPI). Through this development, two family members can now use one bank account for making UPI payments. While we wait for more details, this initiative will further strengthen and enhance UPI payments especially in rural areas, where financial literacy is less, and one bank account is used by one family. This mechanism will enhance user convenience by ensuring effective control through the usage limit authorization feature. This will also empower consumer confidence with easy, safe, and hassle-free financial transactions, thereby contributing towards a digitally empowered nation.
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