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.
