RBI governor said, will make UPI-RuPay global!!!

Reserve bank of india governor Shaktikanta Das has said that after the great response received from different places, now we are going to make UPI and RuPay global. He said, creating infrastructure similar to UPI on foreign soil, increasing the acceptance of QR code based payments through UPI app at international merchant locations and interlinking with UPI with Fast Payment Systems (FPS) of other countries for cross-border remittance are among our priorities. In his address at the Global Fintech Fest in Mumbai, the RBI governor said, it is very important to ensure strong consumer security to maintain consumer confidence in the financial system. He said, consumers' dependence on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital financial services is increasing, in such a situation their expectations for personalized, efficient and seamless experience are also increasing.

Shaktikanta Das said, with the advent of new technology along with traditional risks like mis-selling and fraud, risks like data privacy and security breaches have arisen in front of consumers. He said, it is necessary to make better use of technology to ensure real time monitoring and regulatory compliance and to deal with these challenges. The RBI governor said, dark patterns like confusing buttons, hidden charges and coercion have become the biggest challenge in the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital marketplace. He said, the guidelines issued by the government of india for the prevention and regulation of dark patterns will help protect consumers from improper use of technology in business.

According to the RBI governor, cyber security has emerged as a strong pillar in India's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital financial ecosystem. Most of the financial transactions are happening online, due to which the threat of cyber security is also increasing. In such a situation, investing in technology like AI can help in dealing with the threat arising. He said, awareness campaign among consumers and employees about cyber security can play a big role in creating a safe wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy.