The Reserve Bank of India (RBI) in its annual report for the year 2022-23 had said that it is prudent to be prepared for difficult and difficult situations at the time of payment. Keeping this in view, the Reserve Bank of India has introduced the concept of a lightweight and portable payment system. It will be very different from the existing payment system and it can be operated from anywhere with very few employees.
The Reserve Bank of India (RBI) has proposed to introduce a lightweight payment system. The purpose behind bringing this system is to facilitate bulk or bulk payments and interbank payments in difficult situations. According to RBI, through this, payment can be made without any hindrance in emergency condition.
New payment option
Apart from this, this payment system will be helpful in case of non-working of payment systems like UPI, IMPS, NEFT. Because of which payment will be possible through this even in case of emergency. The Reserve Bank of India (RBI) in its annual report for the year 2022-23 had said that it is prudent to be prepared for difficult and difficult situations at the time of payment. Keeping this in view, the Reserve Bank of India has introduced the concept of a lightweight and portable payment system. It will be very different from the existing payment system and it can be operated from anywhere with very few employees.
What do experts say
On this whole system, Easebuzz Chief Technical Officer Amit Kumar told that unlike the ongoing payment system, this new payment system will be made to operate in any condition and it can be easily operated through software and hardware. Can also be operated from “This portable system will ensure user confidence in the financial payment infrastructure even in extreme circumstances,” he told CNBC-TV18.com.
How will work
Ashwin Chawla, Founder and Managing Director of Escrope, said the system will offer a systematic and faster vision for transactions. This payment system will be easy and fast which will give users a smooth and tension free payment experience. This will not only increase the facilities of the users but will also provide fast transaction service.
