INDIA EMBRACES MOBILE MONEY

The central bank fosters a varied ecosystem of payment systems, he said, including RuPay, a debit and credit card issuer with a large market share, the National Financial Switch cash machine network, and a payment system using the national identity program to bring banking to underserved areas. "A system like UPI cannot come into any country unless the central bank and the government of that country are keen to bring in such an innovation, which democratizes the payment system to the smallest value and the most reasonable cost. The RBI is exploring a central bank digital currency (CBDC) designed to meet monetary policy objectives of financial stability and efficient currency and payment operations.