RBI finds UPI as the world's greatest payment system
By MYBRANDBOOK
Reserve Bank Governor Shaktikanta Das denied claims made by some quarters that UPI's originator, NPCI, has turned into a monopoly in the wake of the payment app's enormous success, stating that there is still opportunity for the programme to expand and it has the potential to lead the global payments market.
Developed by National Payments Corporation of India (NPCI), Unified Payments Interface, or UPI, has been an enormous success and is currently available in a number of nations, including the UAE and Singapore.
The monthly UPI transaction in the country surpassed the 100-billion mark many months ago. RBI is in talks with more central banks in other countries.
Dismissing the criticism that NPCI, set up by RBI and other financial institutions, has become a monopoly, he said, it is the best creation.
"UPI has already become a digital public infrastructure. In fact it has to grow even further. I would say this is the best payments system in the world as of now and I wish it becomes the world leader in it," he said at an event.
He also said that RBI is not against having a rival to NPCI and it had sought applications for the same. But, none of the proposals that have come to them so far have had anything new to offer.
"In fact, all the proposals looked almost a copy of what NPCI is already doing with some minor modifications...So we haven't taken an official view and as and when we do that we will clear our stand on the idea of creating a rival to NPCI," Das said.
While responding to a question on the Central Bank Digital Currency (CBDC), Das said, RBI is working on the programmability of the digital rupee so that it can be used for specific payments like government subsidies or cash payouts. CBDC is RBI’s Private digital currencies.
"Currently, we are moving towards money market operations (in the wholesale CBDC area) and slowly we will be adding new segments and areas where CBDC operations will do. It's a pilot project. We are in no great hurry because after all we are creating a new currency system," he said.
"On the retail side, for example, we are working on the programmability of CBDC. For example, when it comes to the government's cash transfers to farmers or other people, can it be programmed in such a manner that it can be used only for that purpose where the end-use is clearly defined by the person who is sending the money. That is one area which we are working on," the governor explained.
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