RBI New Payment System: The Reserve Bank of India is developing a new payment system to make payments even in emergencies. Let’s know about this.
RBI New Payment System: With the changing times, there have been many changes in the system of payment. Nowadays UPI payment has become the method of most famous digital payment system. In view of the increasing dependence on digital payments, the Reserve Bank of India is going to start a payment system equipped with new technology to make payments even during natural calamities and wars. With this, users will be able to make payments even in case of emergency. Let us know what is this digital payment system of RBI.
What is the new digital payment system of RBI?
The Reserve Bank of India has informed in its annual report that it is preparing a system through which users will be able to make digital payments even in an emergency like war or natural disaster. This system should not allow any hindrance in digital payment even in case of emergency. The thing to note is that this payment system will be very different from the existing system. The name of this system is Light Weight and Portable Payment System (LPSS). Fewer employees are required in this system, in such a situation this system can be used even in emergency.
Why is a new payment system being created?
Significantly, at present, payment systems such as Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT) and Unified Payments Interface (UPI) exist in the country. The biggest drawback of these payment systems is that you cannot use all of them in an emergency. All these payment systems require better IT infrastructure and network. In such a situation, through the LPSS payment system, people will be able to make payments even during war or any natural calamity.
How will the system work?
In such a situation, the biggest question arises that how will this system work, then tell that it is a light and working system with less hardware and software. It is a portable system which can be changed with any changing situation. With such a flexible payment system, it will be easy to make digital payments even in case of emergency.
