• UGI USER
  • Jun 08, 2024
  • 8 Likes
  • 0 Comments

RBI TO ESTABLISH DIGITAL PAYMENTS PLATFORM TO CURB FRAUD

Why in the news?

  • RBI proposes a platform for network-level intelligence and real-time data sharing to curb digital payment frauds.
  • RBI plans to include recurring payments like Fastag and National Common Mobility Card (NCMC) in the e-mandate framework.
  • To promote quick small-value payments through an on-device wallet, RBI proposes bringing UPI Lite under the e-mandate framework.
  • This aims to increase the adoption of UPI Lite for seamless transactions.

About UPI Lite :

  • UPI Lite: On-device wallet for offline small-value transactions under ₹200.
  • Limits: ₹2,000 wallet limit, no UPI PIN required for payments.
  • Phases: Phase 1 – debit offline, credit online; future – fully offline.
  • Adding Funds: Enabled via UPI app, requires online mode and additional authentication.
source:fime
About National Common Mobility Card (NCMC):

  • Launch: 2019 by Ministry of Housing and Urban Affairs, India.
  • Purpose: Streamline public transport payments, promote digital transactions.

Features:

○       Interoperable across transport modes.

○       Contactless NFC transactions.

○       Secure encrypted transactions.

○       Offline low-value transaction capability.

○       Multi-purpose retail payments.

Associated Article:

https://universalinstitutions.com/national-common-mobility-card-revolutionary-or-fad/