Mumbai: Reserve Bank Governor Shaktikanta Das on Wednesday discussed with banks and other stakeholders ways to scale up the UPI ecosystem, expand products and foster innovative payment solutions.
UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.
Das held a meeting on Wednesday with major stakeholders in the UPI ecosystem - banks, NPCI, third-party application providers and technology service providers - to discuss potential strategies for further expanding the reach of UPI, RBI said in a statement.
“There were wide-ranging discussions on various aspects to widen and deepen the adoption and usage of UPI. The stakeholders shared their valuable inputs and suggestions,” it said.
The discussions broadly covered strategies for scaling up UPI infrastructure and expanding product portfolio, and challenges being encountered by the ecosystem and innovative solutions for addressing the same.