Mumbai, September 6, 2023: In a groundbreaking development, Shri Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), announced the launch of a suite of innovative products by the National Payments Corporation of India (NPCI) at the Global Fintech Fest 2023. These cutting-edge offerings, including Credit Line on UPI, UPI LITE X and Tap & Pay, and Conversational Payments, are set to revolutionize India’s digital payments landscape. The event witnessed the esteemed presence of Shri Nandan Nilekani, Non-Executive Chairman of Infosys and Advisor to NPCI, along with Shri Biswamohan Mahapatra, Non-Executive Chairman of NPCI.
These launches are in alignment with the recent monetary policy announcements made by the Reserve Bank of India.
Credit Line on UPI – Paving the Way for Financial Inclusion and Innovation
To bolster financial inclusion and promote innovation, the RBI Governor introduced Credit Line on UPI. This groundbreaking feature enables pre-sanctioned credit lines from banks through UPI, simplifying access to credit and fostering a streamlined digital banking ecosystem. Key features include the linking of pre-sanctioned credit lines, the creation of digital credit products by banks, interest-free credit periods, defined charges, and multiple customer engagement channels for credit sanction requests. It also allows seamless interoperability across all UPI apps, enhancing customer convenience.
UPI LITE X and Tap & Pay – Expanding Access to Offline Transactions
Building on the success of UPI LITE, the RBI Governor unveiled UPI LITE X, designed for offline payments. With this feature, users can send and receive money without requiring an internet connection, making it possible to transact even in areas with poor connectivity. UPI LITE X is accessible on compatible devices supporting Near Field Communication (NFC). These payments are exceptionally swift, reducing transaction processing times significantly.
In a bid to enhance QR code and NFC technology adoption, the RBI Governor also introduced UPI Tap & Pay, allowing users to make payments simply by tapping NFC-enabled QR codes at merchant locations, offering an alternative to the traditional scan-and-pay method.
Conversational Payments – The Future of Digital Transactions
The launch event also marked the introduction of Conversational Payments, showcasing the synergy between human-machine interaction and AI-enabled transactions, further propelling digital payments in India.
I. Hello! UPI – Conversational Payments on UPI: This feature enriches the user experience by enabling voice-enabled UPI payments through UPI Apps, telecom calls, and IoT devices in Hindi and English, with plans to expand to other regional languages. This advancement aims to make payments more accessible to Indians who prefer their native languages, benefiting senior citizens and digitally inexperienced individuals. Users can simply issue voice commands to initiate transactions and complete them by entering their UPI PIN. NPCI has collaborated with the Bhashini program – AI4Bharat at IIT Madras to develop Hindi and English payment language models.
II. BillPay Connect – Effortless Bill Payments: Bharat BillPay introduces a nationalized bill payment number for customers across India. Users can conveniently fetch and pay their bills by simply sending a ‘Hi’ on their messaging app. Even customers without smartphones or immediate mobile data access can pay their bills by giving a missed call, followed by a callback for verification and payment authorization. BillPay Connect also offers Voice Assisted Bill Payments, enabling users to fetch and pay bills through voice commands on smart home devices, receiving instant voice confirmations. Moreover, instant voice confirmations will be available for bill payments made at physical collection centers through payment soundbox devices, enhancing security and peace of mind for both customers and collection centers.
These initiatives demonstrate NPCI’s commitment to creating a more inclusive, resilient, and sustainable digital payments ecosystem for the nation, ultimately driving economic growth and progress. Stay tuned for more updates on these exciting developments from the world of UPI!
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