Outlook Money
UPI, is a real-time payment system created by the National Payments Council of India (NPCI) that allows interoperable transactions across several bank accounts.
Under the CBDC Retail (CBDC-R) pilot programme, person-to-person (P2P) and person-to-merchant (P2M) transactions are currently possible, utilising digital rupee wallets.
NPCI and the RBI created the smartphone app BHIM. It allows mobile phones to perform rapid, safe, and cashless transactions.
Cashless India Initiatives include cashback incentives, discounts on digital purchases, and incentives for retailers for digital payments.
The goal of the government’s “Digital India” initiative is to make India a knowledge economy enabled by technology.
Compiled By Himani Verma