NPCI Unveils Innovative UPI Features

Current Affairs, Economy

The National Payments Corporation of India (NPCI) has introduced a range of groundbreaking features on the popular Unified Payments Interface (UPI) platform.

Hello! UPI: Voice-Enabled UPI Payments

  • Hello! The addition of UPI, which is amazing, allows both Hindi and English voice-enabled UPI payments.
  • Users can use voice instructions to make UPI payments using apps, telecom calls, and IoT devices.
  • Future plans call for adding support for numerous regional languages, which would significantly improve accessibility.

Credit Line on UPI: Streamlined Access to Credit

  • An effort to promote financial inclusion and innovation called Credit Line on UPI was unveiled by the governor of the RBI.
  • This service makes it easier to obtain credit by enabling consumers to access pre-approved credit from banks using UPI.
  • Interest-free credit periods, clear costs, and smooth client engagement channels are among the features.
  • The purpose is to speed the loan access procedure, driving economic growth and digital banking efficiency.

UPI LITE X: Offline Money Transfers

  • Offline money transfers are made available via UPI LITE X, allowing users to send and receive money even without an internet connection.
  • Transactions in places with limited network coverage are made possible by this functionality.
  • Users favour UPI LITE payments because of their speed and effectiveness, which makes them a popular choice.

UPI Tap & Pay: Convenience Redefined

  • A brand-new method of making payments at merchant locations is provided by UPI Tap & Pay.
  • Users can now tap QR codes that support Near Field Communication (NFC) in addition to the more conventional scan-and-pay method.
  • This feature improves convenience by facilitating quick and simple transactions.

Conversational Payments: AI-Enabled Transactions

  • An important paradigm change in human-machine interaction is represented by conversational UPI payments and conversational bill payments.
  • The purpose of these AI-powered transactions is to broaden India’s acceptance of digital payments.
  • Through UPI Apps, telecom calls, and IoT devices, users can make voice-enabled UPI payments in Hindi, English, and regional languages.
  • NPCI and AI4 Bharat at IIT Madras worked together to create language models for Hindi and English payments.

BillPay Connect: Simplified Bill Payments

  • The nationalized number for bill payments in India is introduced by BillPay Connect.
  • With a simple “Hi,” customers may easily retrieve and pay bills through messaging apps.
  • Even those without smartphones or immediate internet access can pay their bills with a missed call and a follow-up confirmation call.
  • Smart home gadgets that support voice-assisted bill payments provide additional convenience and immediate confirmation.
  • With this innovation, both clients and collection agencies can feel more secure and confident.

Google search