Close this search box.

We are creating some awesome events for you. Kindly bear with us.

India Launches Digital Payment Solutions for Feature Phones

The country’s central bank, the Reserve Bank of India (RBI), recently announced that it would launch Unified Payment Interface (UPI)-based digital payment solutions for feature phones, eliminating the need for an Internet connection. RBI will also launch an ‘on-device’ wallet in UPI applications, which will simplify the process for small-value transactions. UPI was developed under the Digital India initiative and is run by the RBI. The UPI is a system that powers several bank accounts into a single mobile application (of any participating bank), merging several banking features.

Until now, only smartphone users have been able to use UPI services for payments. India has around 1.2 billion mobile users, and of which only 740 million have smartphones. The UPI service for feature phones, which lack the advanced functionalities of smartphones, is expected to benefit a large number of consumers. A news report by The Indian Express noted that 50% of transactions through UPI were below IN₹200 (US$2.65). Low-value transactions utilise significant system capacity and resources, leading to customer inconvenience because of transaction failures as a result of connectivity issues. The ‘on-device’ wallet will conserve banks’ system resources without any change in the transaction experience.

Further, to encourage the use of UPI by retail investors, RBI also proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and Initial Public Offerings (IPO) applications from IN₹200,000 (US$2,645) to IN₹500,000 (US$6,613). As per an official, this is an important step in widening the primary market investor base. Until now, the facility was available mainly to retail investors, who are categorised as those who invest up to US$2,645 in an IPO. By increasing the limit, the market is now open to high-net-worth Individuals (HNIs).

The National Payments Corporation of India (NPCI), the country’s umbrella organisation for retail payments, recently reported that over 7.6 million mandates were created in November compared with just 1.14 million in the preceding month. RBI’s move is expected to further increase these numbers. UPI is currently the single largest retail payment system in the country in terms of volume of transactions. This November, UPI recorded 4.1 billion transactions.

UPI has become a popular payment option for IPOs and the transaction limit in the UPI system was increased from IN₹100,000 (US$1,322) to IN₹200,000 (US$2,645) in March 2020. UPI has passed several significant milestones since its launch in 2016. It crossed a billion transactions for the first time in October 2019, and the next billion came in under a year. Since the start of 2021, the monthly transaction value has grown by close to 79%. The number of transactions, meanwhile, has increased by more than 83% from 2.3 billion in January.

RBI has also proposed to issue a discussion paper, which will cover aspects related to various channels of digital payments such as credit cards, debit cards, prepaid payment instruments (cards and wallets), and UPI. The paper will also seek feedback on issues related to convenience fees and surcharges, and the measures required to make digital transactions affordable to users and economically remunerative to the providers. The paper will be released in a month.

The RBI Governor, Shaktikanta Das, also announced that banks can now infuse capital in their overseas branches and subsidiaries without prior approval of the central bank. Currently, banks seek prior approval of RBI for infusing capital in their overseas branches and subsidiaries. He also proposed to revise the all-in-cost ceiling for new foreign currency ECBs (external commercial borrowings) and TCs (trade credit), from 450 bps to 500 bps and from 250 bps to 300 bps, respectively over the ARRs (alternative reference rate).


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.