Will UPI work in emergencies? RBI has a solution

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UPI, this one word has now become a part of our everyday vernacular. Whether its paying your household expenses or paying for your cab ride everything is just one QR code scan away. In fact, UPI has made payments so simple that you don’t have to rely on debit cards or wallets for that matter.

This growing popularity of UPI and digital payments has caught the eye of the Reserve Bank of India. Don’t worry there has not going to be any stringent policy or rule that will affect the user experience of UPI. Rather the RBI is working on a new payment system. To know about it you need to watch this video of finogyan.

Now before we give you the details about this new digital payments system. Why is the RBI is planning to bring in a new digital payments system? Because the country already uses payment system like RTGS, NEFT, and UPI. So why bring in a new digital payments system?

Well all these payment systems cannot work when there is a national emergency or a natural calamity. Whereas RBI’s new digital payment system will work in emergencies like war. The name of the system is called Light Weight and Portable Payment System or LPSS. Now as the name suggests the LPSS is a light and functional system with minimal hardware and software. Simply put it is a mobile system that can be adjusted to any changing circumstances. Thereby making digital payments easy and flexible payment system, even during emergencies.