RBI is going to bring an easier system than UPI, will be able to send money without mobile network, but not everyone will get the facility

New Delhi. The Reserve Bank of India (RBI) is working on a lightweight payment and settlement system. This system will work with minimum resources in areas prone to natural calamity or violence and will allow users to transfer money. At present, RBI has not clarified that till when this system will be launched.

Let us tell you that the options available now to send money, be it UPI, NEFT or RTGS, all work with the help of internet and information technology. RBI says that the lightweight payment system will not depend on these techniques, that is, money can be sent through this system even if there is no mobile network and internet.

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Lightweight system mentioned in RBI’s annual report
RBI published its Annual Report for the year 2022-23 on 30 May. In this, the bank has mentioned a lightweight and portable payment system. RBI has written that this system will work with minimal hardware and software and this system will be used only in case of need. That is, like UPI and other methods of payment, the lightweight system will not be open to all. This system will be used only in those situations in which the prevailing systems of payment will not be able to work.

RBI says that this system will not allow the country’s payment and settlement system to stop under any circumstances and will preserve the liquidity pipeline of the economy. With the introduction of this system, there will be no hindrance in essential payment services. The purpose of this system is to help in those transactions which are necessary for the economy to remain stable.

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The central bank wrote in its statement, “It will work in the payment system in the same way as a bunker works in the event of war. This will increase people’s trust in digital payment and financial market infrastructure even in extreme conditions.

How will the lightweight system be different from UPI?
Currently, there are different payment options available in India. RBI says that all these are capable of doing big transactions. However, these are based on a complex network and advanced information technology infrastructure. RBI says that information and communication infrastructure gets affected in extreme conditions. Because of that these systems of payment are not able to work. That’s why it is important that we be prepared for such a situation.

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