CURRENT AFFAIRS

Detailed explanation-1: -Life launches UPI services targeted at rural India. Fintech startup XPay.

Detailed explanation-2: -Notes: Bengaluru-based Fintech startup XPay. Life, India’s 1st blockchain-enabled transaction framework, launched its Unified Payments Interface (UPI) services targeted at rural India to make financial facilities accessible for people in rural areas.

Detailed explanation-3: -Life, which claims to be India’s first blockchain-enabled transaction framework, has launched its UPI services. As it approaches three years of operation, XPay. Life, which claims to be India’s first blockchain-enabled transaction framework, has launched its UPI services aimed at rural India.

Detailed explanation-4: -The UPI still requires you to have a bank account, be know your customer (KYC) compliant and so on. The e-rupee is stored directly in an account with the RBI. It is based on blockchain technology, the same used by Bitcoin which uses decentralised ledgers.

Detailed explanation-5: -According to the survey, a mere 3 – 7 % of rural India actively uses any UPI platform to make payments. Further data collected are both enlightening and discouraging. Approximately 40% of rural people surveyed have absolutely no knowledge of UPI and/or digital payments.