MSRTC launches UPI payments for bus fares

According to MSRTC spokesperson Abhijit Bhosale, the move is expected to benefit more than 55 lakh passengers who utilise the state transportation services. The introduction of UPI payment aims to eliminate the complexities associated with cash transactions for ticket purchases, such as disputes over change returns.

With a fleet of over 14,000 buses making daily journeys across Maharashtra and neighbouring states, the MSRTC has embraced digital payments without disruptions. Passengers can still opt for traditional cash payments, but the introduction of UPI is seen as a relief for those seeking a more modern and efficient payment method.

Sachin Kshirsagar, MSRTC divisional controller for Chhatrapati Sambhajinagar, noted that the rollout of UPI payments on buses commenced smoothly. Prashant Beedkar, a frequent traveler, expressed relief at the MSRTC's adoption of digital payment methods, highlighting the timeliness of the move post-Covid pandemic.

In addition to the MSRTC's initiative, recent articles also highlight the broader developments in UPI transactions. The RBI has increased the UPI transaction limit to Rs 5 lakh, benefiting payments in healthcare and education. This move has been welcomed by industry players, including bankers, payment companies, and hospitals, as it encourages greater adoption of digital payment channels. The RBI's Innovation Hub is set to operationalise a repository for fintechs by April 2024, further supporting the growth of digital financial services.