Will there be a change in the payment system? 5 companies are ready to join RBI

Digital payments have increased after the Covid lockdown

After the Corona period, the digital payment system has started getting promoted in the country. A large number of people have started using UPI. Google and Amazon are considered its major players. Many people in India transact money using Google Pay and Amazon Pay.

RBI approval is required

While introducing the digital currency in December 2022, RBI had authorized only banks to use it. But in April, RBI said that other payment systems can also use the digital currency but for this they will have to get approval from RBI.

Approval will be received in 4-5 months

According to media reports, payment companies are in touch with RBI and National Payments Corporation of India (NPCI). These companies may get permission to use e-Rupee in the next 4-5 months. However, till now neither RBI nor any company has made any formal announcement in this regard.

85 percent of money transactions happen through 5 platforms

Let us tell you that 85 percent of the total digital payments in the country are done by these five companies – Google, Amazon, Walmart, Mobikwik and Indian Fintech firms. According to the data, 13 billion transactions take place every month through UPI. Although the digital currency will be run as a pilot project for the next few years, but if RBI's plan is successful then a big change can be seen in the country's payment system.