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Need to enable payment solutions for feature phone users: RBI official

Covid-19 pandemic has inadvertently provided enormous impetus to digital payment adoption

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There is a need to enable payment services for feature phones, to provide a thrust towards enhanced adoption of digital payments: Executive Director, Reserve Bank of India

Subrata Panda Mumbai
Although availability of mobile phones has made digital payments accessible in India, the innovation in mobile payment services is largely app-based, making them limited to smart phone users.

T Rabi Sankar, executive director, the Reserve Bank of India (RBI), said, “Hence, there is a need to enable payment services in feature phones. Fintech players will play a significant role in developing payment solutions for users of these phones.”

As of May 10, there were about 1.1 billion wireless telephone subscribers and 160 million wireless broadband subscribers. While various reports point to around 500 million smartphone users in the country, a large user