Anand Kumar Bajaj, Founder, Managing Director & CEO of PayNearby on RBI Monetary Policy said, “The pandemic boosted the need for contactless payments and led to the increased adoption of UPI as the preferred digital mode of payment, even at the last mile.”
“Today, UPI has become the single-largest retail payment system in the country in terms of volume of transactions, signifying its wide acceptance, particularly for small-ticket transactions. The recent announcement to enhance the transaction limit for payments through UPI from Rs 2 lakh to Rs 5 lakh will fuel the use of UPI by retail investors,” He said.
Further adding to the statement, Anand said, “This move will further deepen the reach of digital payments in the country and make them more inclusive, catapulting us towards a less-cash economy. In addition, the idea to launch UPI-based payment products for feature phone users will offer ease of transactions for consumers, facilitate greater participation of retail customers across various segments, and enhance the capacity of service providers.”