Conversational Payments on UPI, raising UPI Lite payment limit and offline transactions through UP Lite have the potential to usher in the next era of the digital payments in India
The Reserve Bank of India on August 10 announced three new features that have the potential to usher in the next era of the payments revolution through the Unified Payments Interface (UPI), including transactions through a conversation with an artificial intelligence system.
Governor Shaktikanta Das announced these measures while sharing the outcome of RBI's bi-monthly policy review. The central bank held the key repo rate steady at 6.5 percent.
Conversational Payments on UPI
Das has proposed to launch Conversational Payments on UPI, enabling users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment.
As AI gets increasingly integrated into the digital economy, conversational instructions hold immense potential to enhance the ease of use and reach of the UPI, which has transformed India’s digital payments ecosystem.
The feature will be available on both smartphones and feature phones-based UPI channels. The facility will initially be available in Hindi and English and subsequently in more Indian languages.
“The RBI governor's announcement today regarding the introduction of conversational payments and offline functionality in UPI Lite marks a pivotal step that is set to reshape India's economic trajectory,’’ Rajsri Rengan, India Head of Development, Banking and Payments at FIS said. She added, these advancements hold the potential to revolutionise the digital payment ecosystem and drive financial inclusion to new heights.
