MUMBAI: With as much as four-fifths or over 80% of all digital transactions taking place through the UPI platform that has grown exponentially to the tune of 90 times in the past decade, the Reserve Bank Governor Shaktikanta Das and T Rabi Sankar, his deputy in-charge of the payments department, on Wednesday met with all the major stakeholders in the payment ecosystem to discuss potential strategies and challenges to further expand its reach.
The major stakeholders in the payments systems include banks, the National Payments Corporation (NPCI), third-party application providers and technology service providers, the central bank said in a press release late this evening.
Apart from the governor and the deputy governor in charge of the department, the meeting was also attended by other senior officials of the monetary authority.
“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, covering the strategies for scaling up UPI infrastructure and expanding the products portfolio; challenges being encountered by the ecosystem and innovative solutions for addressing the same; and innovative ideas to integrate potential users into the digital payments ecosystem,” the statement said.
The suggestions received will be examined and suitable action will be initiated in due course by the Reserve Bank, it added.
Last week, Das had said as much as 80% of digital payments now take place through the UPI network, which has grown 90-fold in past 12 years, and India today accounts for as much as 46% of the digital transactions globally, he said.
The share of UPI in digital payments has reached close to 80% in 2023, he said on March 4, speaking at the RBI headquarters here during the digital payments awareness week.