RBI Governor Shaktikanta Das mentioned the challenges faced by banks in integrating with payment aggregators, emphasizing the need for an interoperable payment system in India. The RBI has approved the launch of an interoperable payment system for internet banking transactions under the Payments Vision 2025. Additionally, smaller UPI apps have urged NPCI to support and incentivize them to compete with dominant players like PhonePe and Google Pay in the digital payments sector.
With NPCI International Payments Ltd (NIPL), the international arm of NPCI and #Fonepay Payment Service Ltd, Nepal’s largest payment network, announcing Unified Payment Interface (#UPI) for cross-border transactions between #India and #Nepal is live now, the convenience and… https://t.co/m4QxWBsi9X
🚨 Scoop: "Jab NPCI met UPI apps" Smaller UPI apps have requested NPCI to support & incentivise them to challenge the dominance of PhonePe, Google Pay in the digital payments ecosystem. @AnandJRAnand ✍️
Not just in India, but #UPI payments are possible in 6 other countries now! Experience seamless payments with UPI at select merchant locations overseas #DigitalIndia #DigitalPayments @NPCI_NPCI @upichalega @GoI_MeitY https://t.co/TNdNphztfp
An interoperable payment system for internet banking transactions, as envisaged in #RBI’s Payments Vision 2025 is likely to be launched this year. RBI Governor Shaktikanta Das said that the necessary approvals have been given to NPCI Bharat BillPay Limited, adding that the… https://t.co/Nyae3j86fs
"It is difficult for each bank to integrate with each payment aggregator," says RBI Governor Shaktikanta Das This is what he said on the scope of digital payments in India and interoperable payment system👇 @RBI @DasShaktikanta https://t.co/pOlU0oJeLw