The National Payments Corporation of India (NPCI) has introduced several new payment options on the popular UPI (Unified Payments Interface) platform. These announcements were made by Reserve Bank of India (RBI) Governor Shaktikanta Das during the Global Fintech Festival.
Readmore: What Is UPI?
Hello! UPI for Voice-Enabled Payments
Users can now make voice-enabled UPI payments using Hello! UPI. This feature allows transactions via apps, telecom calls, and IoT devices in both Hindi and English. It will soon be available in multiple regional languages. Conversational Payments on UPI and BillPay Connect are part of Hello! UPI.
Conversational Payments on UPI
This innovative feature employs AI-enabled transactions to facilitate human-machine interaction. It is expected to expand the reach and use of digital payments in India.
BillPay Connect
Bharat BillPay has introduced a nationalized number for bill payments across India, making it convenient for customers to fetch and pay their bills by sending a simple ‘Hi’ on a messaging app. Even customers without smartphones or immediate mobile data access can pay bills by giving a missed call. They will receive a call for verification and payment authorization. Additionally, BillPay Connect offers Voice Assisted Bill Payments facility. Customers can also fetch and pay bills through voice commands on their smart home devices and get instant voice confirmation, it said.
Credit Line on UPI
NPCI has introduced credit lines on UPI, allowing pre-sanctioned credit lines from banks via UPI. This initiative aims to streamline customer access to credit and promote financial inclusion and innovation.
UPI LITE X for Offline Payments
UPI LITE X enables offline payments, allowing users to send and receive money even in areas with poor connectivity. It relies on Near Field Communication (NFC) technology, offering faster payments.
UPI Tap & Pay
This feature enhances QR code and NFC technology adoption. Users can now tap NFC-enabled QR codes at merchant locations to complete payments.
These product launches align with the RBI’s recent monetary policy announcements and are aimed at creating a more inclusive, resilient, and sustainable digital payments ecosystem. These innovations are expected to contribute to achieving the UPI’s target of 100 billion transactions per month. The NPCI collaborated with AI4Bharat at IIT Madras to develop Hindi and English payment language models, ensuring accessibility to a wider audience.
