The new digital payment options are aimed at making UPI transactions easier. The concept of Credit Line on UPI will help individuals avail credit more easily and drive economic growth.
The National Payments Corporation of India (NPCI) announced new Unified Payments Interface (UPI) payment options for creating an inclusive, sustainable and resilient digital payments system on September 6. The products included Hello! UPI – Conversational Payments on UPI, UPI LITE X, Tap & Pay, Credit Line on UPI and BillPay Connect – Conversational Bill Payments. Reserve Bank of India Governor Shaktikanta Das made the announcements at the Global Fintech Fest 2023. These products will help UPI get past the target of 100 billion transactions monthly. NPCI has launched conversational payments and pre-sanctioned credit lines from banks under its latest offerings.
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The five products will make UPI payments easier for consumers. Take a look at how the new digital payment options will help you.
What are the new digital payment options announced by the RBI Governor?
Credit Line on UPI: The product will widen access to credit. Customers will be able to avail pre-sanctioned credit lines from banks via UPI. Credit Line on UPI is expected to make the process of availing and utilising credit lines for faster transaction. This will help in streamlining the digital banking system.
BillPay Connect – Conversational Bill Payments: The facility will allow customers to get and pay their bills by messaging ‘Hi’ on the Bharat BillPay app. They can use voice commands on their smart home devices for payments and get instant voice confirmation. People can get voice-assisted bill payments facility as well. To provide consumers with a sense of security, customers will get an immediate call back for authorisation and verification of the transaction.
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Hello! UPI – Conversational Payments on UPI: The concept of conversational payments will broaden UPI accessibility across India. It will allow customers to make voice-enabled UPI payments using phone calls, UPI Apps, and devices that can transmit data over the internet or other networks. Users will be able to complete transactions just by giving voice and entering the UPI PIN. The NPCI has partnered with AI4Bharat at IIT Madras, for the development of the Hindi and English language models for the service. It is expected to launch the service in regional languages soon.
UPI Tap & Pay: Consumers will have the option of just tapping Near Field Communication (NFC) enabled QR codes at merchant locations to complete their payments. This will make it easier for customers to complete transactions quickly.
UPI LITE X: To broaden the concept of digital payments in remote areas and regions with poor connectivity, UPI LITE X will allow customers to initiate and complete transactions while offline.
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How will the new features help customers?
The new digital payment options are aimed at making UPI transactions easier. The concept of Credit Line on UPI will help individuals avail credit more easily and drive economic growth. The UPI LITE X and Hello! UPI facilities will give consumers the ability to conduct transactions more easily and widen the reach of UPI. The Conversational Bill Payments and Tap & Pay feature have the ability to make any transfer of money faster and give a sense of security to the users as well.
