The Reserve Bank of India (RBI) has proposed to introduce a lightweight payment system. The purpose behind bringing this system is to facilitate bulk or bulk payments and interbank payments in difficult situations. According to RBI, through this, payment can be made without any hindrance in emergency condition.

new payment option

Apart from this, this payment system will be helpful in case of non-working of payment systems like UPI, IMPS, NEFT. Because of which payment will be possible through this even in case of emergency. The Reserve Bank of India (RBI) in its annual report for the year 2022-23 had said that it is prudent to be prepared for difficult and difficult situations at the time of payment. Keeping this in view, the Reserve Bank of India has introduced the concept of a lightweight and portable payment system. It will be very different from the existing payment system and it can be operated from anywhere with very few employees.

What do experts say

On this whole system, Easebuzz Chief Technical Officer Amit Kumar told that unlike the ongoing payment system, this new payment system will be made to operate in any condition and it can be easily operated through software and hardware. Can also be operated from “This portable system will ensure user confidence in the financial payment infrastructure even in extreme circumstances,” he told CNBC-TV18.

how will work

Ashwin Chawla, Founder and Managing Director of Escrope, said the system will offer a systematic and faster vision for transactions. This payment system will be easy and fast which will give users a smooth and tension free payment experience. This will not only increase the facilities of the users but will also provide fast transaction service.

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This payment system can be operated for important transactions during natural calamities and war-like situations. According to RBI, the proposed Light Weight and Portable Payment System (LPSS) will be independent of traditional technology. Some special employees will be able to operate this system anywhere.

Existing payment systems work on IT infrastructure

The existing payment systems such as RTGS, NEFT and UPI currently running for payment transactions have been designed to handle large amounts of payments. These payment systems work on advanced IT infrastructure. It was told by the RBI that these payment systems can be made available temporarily by disrupting the underlying information and communication infrastructure in the event of a natural disaster and war.

Employees will be able to operate from anywhere, in order to face any kind of situation, there is a need to prepare such a system which can be used in any condition. Keeping this objective in mind, RBI has planned LPSS, which will be independent of traditional technology and can be operated from anywhere by a small number of employees.

RBI said, ‘It is expected to work on minimum hardware and software. It will be activated when needed. It will be useful for completing such transactions which are important for ensuring the stability of the economy like government and market related transactions.

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