RBI said on Monday it will become easier in coming weeks for people to transfer funds between bank accounts through their smartphones, reported PTI. Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transactions.
Leveraging the high mobile density, mobile banking services are being encouraged through inter-operable USSD channel like *99# and the Unified Payments Interface (UPI). "I am especially enthused by UPI, as smartphones become more widely available. Transfers from bank account to bank account will become easier in a few weeks via smartphone through the Unified Payment Interface," the Governor said as per the PTI report.
Elaborating, Rajan said a villager needing to pay a shopkeeper only needs to know the latter's alias - say Ram@xyzbank.Psp to transfer funds. "Neither needs to visit the bank to take out or deposit money, no point of sale machine is needed. With the price of smartphones falling sharply, we are on the verge of solving the last-mile problem," he said.
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Leveraging the high mobile density, mobile banking services are being encouraged through inter-operable USSD channel like *99# and the Unified Payments Interface (UPI). "I am especially enthused by UPI, as smartphones become more widely available. Transfers from bank account to bank account will become easier in a few weeks via smartphone through the Unified Payment Interface," the Governor said as per the PTI report. 
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