Digital credit to be rolled out this year
The government will roll out digital credit service this year which will enable even small street vendors to avail credit from large banks, Telecom and IT Minister Ashwini Vaishnaw said on Thursday. Speaking at 'Digital Payments Utsav', Vaishnaw said it will be rolled out like UPI service and will be a big achievement under Prime Minister Narendra Modi's vision of 'Digital India'
At the event, the Ministry of Electronics and IT (MeitY) unveiled a prototype of voice-based payment system for UPI.
The minister said people will soon be able to make payments by speaking on the phone in their local language.
He said the service will be available in 18 Indian languages.
Speaking at the event, MeitY Secretary Alkesh Kumar Sharma said now UPI should become a global payments product for which the National Payments Corporation of India (NPCI) has already started partnering with Nepal, Singapore, Bhutan, UK and the UAE where the UPI model is being promoted.
The IT Secretary further said integration of India's UPI with Singapore's PayNow system is going on which will soon enable real time cross-border payments.
Source: The economic times