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RBI to push UPI payments through feature phones

Monday 13 December 2021 10:43 CET | News

The Reserve Bank of India has announced a proposal to popularise UPI payments on feature phones, bringing the third iteration of the feature phone payments push in the country.

In 2012, the National Payments Corporation of India had launched a USSD (Unstructured Supplementary Services Data)-based mobile banking service called ‘*99#’. Initially, the facility was only available to MTNL and BSNL users. It was later expanded to all telecom service providers.

In 2017-18, USSD 2.0 transactions accounted for 4.3% of total UPI volumes and 1.6% of total transaction value. Last year, its share in volume and value transactions had fallen to 0.005 and 0.004%, respectively.

Until November this year, a total of 0.85 million transactions took place via USSD 2.0, amounting to USD 1.7 billion. In contrast, 26,850.9 million transactions on the entire UPI platform were worth USD 660 billion.


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Keywords: mobile payments, RBI, NPCI, UPI, product upgrade
Categories: Payments & Commerce
Companies:
Countries: India
This article is part of category

Payments & Commerce