The latest updates, news, and collaborations with UPI in July 2023:
Google Pay introduces UPI Lite:
On July 14, 2023, Google Pay introduced UPI Lite, a new feature that allows users to make small value payments without a PIN. This is aimed at making UPI more accessible to users who do not have smartphones or who are not comfortable using PINs.
Quote from Caesar Sengupta, Vice President and Managing Director, Google India:"UPI Lite is a significant step towards making digital payments more accessible and convenient for everyone. We believe that this will help to further drive the adoption of digital payments in India."
RBI allows pre-sanctioned credit lines on UPI: On July 15, 2023, the Reserve Bank of India (RBI) allowed banks to offer pre-sanctioned credit lines on UPI. This means that users will be able to access a pre-approved loan amount through UPI, which can be used for making payments or for other purposes.
Quote from Shaktikanta Das, Governor, RBI:"This will further promote the use of UPI for making digital payments and will also help to increase financial inclusion in the country."
UPI crosses 6 billion transactions in a month: On July 17, 2023, UPI crossed 6 billion transactions in a month for the first time. The total value of these transactions was over ₹10 trillion.
Quote from Dilip Asbe, MD and CEO, NPCI:"This is a significant milestone for UPI and shows the increasing popularity of digital payments in India. We are confident that UPI will continue to grow in the coming months and years."
These are just a few of the latest updates, news, and collaborations with UPI in July 2023. UPI is continuing to grow and expand, and it is likely that we will see even more exciting developments in the coming months and years.