RBI Rolls Out Credit Lines On UPI: An In-Depth Detail
The digital payments boom of India is no less than a celebrated story for its massive impact on rapid organic adoption and financial inclusion. But not long back, a significant majority of Indians were even devoid of a bank account to send and receive payments, and save money. The less educated, the poor, women, the out-of-labour force, the economically disadvantaged, and people living in rural areas and areas that were hard to reach constituted a big population of those without a bank account then. To start with, India was a bit late to the world of digital payments (such as the concepts of neo banking, mobile wallets, and payment gateway). Digital wallets were introduced by PayPal in 1998 in the United States. It took India more than a decade when Unified Payment Interface (UPI) was launched on August 25, 2016, to facilitate secure and real-time money transfer for its citizens (person-to-person and person-to-merchant transactions). A few years later, UPI has emerged as the biggest...