UPI “On-device” wallet – How it may look

-

UPI “On-device” wallet – How it may look

            These are my personal views only.  ‘The bottom line is Safe ePayments. Nothing more, Nothing less’

Reserve Bank of India, Shri Das on 8th December 2021, announced a major addition to the UPI ecosystem

Quote

 (ii) make the process flow for small value transactions simpler through a mechanism of ‘on-device’ wallet in UPI applications;

UnQuote

The accompanying Reserve Bank of India, gave a glimpse of “On-device” wallet in UPI app.

 

6. Simplification of Process Flow for Small Value Transactions over UPI

 

UPI is the single largest retail payment system in the country in terms of volume of transactions (14 crore transactions per day, October 2021)3.

One of the initial objectives of UPI was to replace cash for low value transactions. Transaction data analysis shows that 50 per cent transactions through UPI were below ₹200, indicating its success.

These low value transactions, however, utilise significant system capacity and resources, at times leading to customer inconvenience due to transaction failures because of issues related to connectivity.

It is, therefore, proposed to offer a simpler process flow by enabling small value transactions through an “On-device” wallet in UPI app which will conserve banks’ system resources, without any change in the transaction experience for the user.

 

 

UPI “On-device” wallet – How it may look

            Once Reserve Bank of India and NPCI releases tech specs of ODW, there will be more clarity on the thought process.

            As of now, the UPI “ON DEVICE WALLET” has moved a step closer from FinTech Fiction to Reality.

 




Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the needed skill and knowledge to understand clients' needs
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving forei
Read more

Navigating 2023: HDFC Bank's Customer Service Revolution Unveiled

-
Image
Unforgettable Lessons from HDFC Bank's Customer Service Revolution   As the curtains fall on 2023, let's reflect on the indelible lessons learned from HDFC Bank's groundbreaking customer service revolution. Delve into the intricate dynamics of banking and social media complaints, exploring how a financial fortress embraces innovation in addressing customer concerns. Explore the intriguing dynamics of HDFC Bank's customer service revolution and its impact on the banking industry. From adopting unique approaches to inspiring industry-wide change, it's a story of innovation in customer-centric practices. Discover more below. A Financial Landscape Unveiled: In the intricate landscape of finance, a bank stands as a multifaceted institution entrusted with safeguarding deposits and providing an array of financial services. From retail and commercial banks to investment and payment banks, each plays a unique role, offering diverse services such as wealth man
Read more