NPCI launches new products: Paving the way for voice-enabled UPI payments
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), revealed the introduction of these products by the National Payments Corporation of India (NPCI)
NPCI launches new products: In a significant development, the National Payments Corporation of India (NPCI) has introduced a range of new payment options on the popular Unified Payments Interface (UPI) platform, including voice-enabled transactions. Reserve Bank of India (RBI) Governor Shaktikanta Das made this announcement during the ongoing Global Fintech Festival.
These new offerings, including Credit Line on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and Conversational Bill Payments, are aimed at fostering an inclusive, robust, and sustainable digital payments ecosystem. They also align with UPI's ambitious target of reaching 100 billion transactions per month, according to NPCI.
Hello! UPI: This feature enables users to make voice-enabled UPI payments through various platforms, including apps, telecom calls, and IoT devices, initially in Hindi and English, with plans to expand to regional languages.
BillPay Connect: NPCI introduced a nationalised bill payment number called Bharat BillPay, facilitating convenient bill fetching and payment via messaging apps. Customers without smartphones or immediate mobile data access can also pay bills through a missed call, with verification and payment authorisation following the call.
Credit Line on UPI: NPCI aims to expand credit access, promote financial inclusion and innovation by introducing pre-sanctioned credit lines from banks via UPI. This will streamline the credit process, expedite credit access, and contribute to economic growth.
UPI LITE X: Designed for offline payments, UPI LITE X enables users to send and receive money even in areas with poor connectivity. This feature utilizes Near Field Communication (NFC) technology, offering faster transactions compared to traditional methods.
UPI Tap & Pay: This feature simplifies payments by allowing users to tap NFC-enabled QR codes at merchant locations, providing an alternative to traditional scan-and-pay methods.
These launches align with recent RBI communications and signify a significant step forward in India's digital payments landscape. The introduction of innovative UPI features is expected to enhance user convenience and accessibility while driving the adoption of digital payments across the nation.