Digital credit to be introduced this year; NRIs in 10 countries to get UPI service

Digital credit to be introduced this year

According to Telecom and IT Minister Ashwini Vaishnaw, the government has said that it will provide a digital credit facility this year in a similar manner to how it introduced the Unified Payments Interface (UPI). Even modest street sellers will be able to use the programme to obtain credit from banks.

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NRIs in 10 countries to get UPI service: Key Points

• The National Payments Corporation of India (NPCI) will play a significant role in the rollout of digital credit this year and over the course of the following 10 to 12 months.
• Speaking at the “Digital Payments Utsav” event, Vaishnaw predicted that a solid framework for digital credit would be developed.
• A prototype of a voice-based payment system for UPI was introduced at the event by the Ministry of Electronics and Information Technology (MeitY).
• People would be able to use the UPI technology to make phone payments in their native tongue.
• The service will be offered in 18 Indian languages, according to the ministry.

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Expansion of UPI services:

• The government declared that it would be extending UPI services to NRIs in ten nations.
• The UPI concept is being promoted in Nepal, Singapore, Bhutan, the UK, and the UAE, according to MeitY Secretary Alkesh Kumar Sharma, who also stated that UPI should become a global payments system for which the NPCI has already started cooperating with these countries.
• The Reserve Bank of India (RBI) said earlier this week that it intended to allow all foreign visitors to India to utilise UPI for their in-country merchant payments.
• UPI transactions reached a record high of 12.82 lakh crore in December.

Also Read: Union Budget 2023: Railways gets Rs 2.40 lakh crore capital outlay