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You will soon be able to make voice-based UPI payments; Know how

The NPCI has released several new UPI payment alternatives, including conversational transactions.

At the Global Fintech Festival, RBI Governor Shaktikanta Das announced the NPCI’s product launch.

The newest UPI Credit Line, LITE X, and Tap & Pay, Hello! UPI and Conversational Bill Payments will help UPI reach 100 billion transactions per month by fostering an equitable, robust, and sustainable digital payments environment, according to NPCI.

Hello! Users may make Hindi and English voice-enabled UPI payments via applications, telecom calls, and IoT devices with UPI.

Several regional languages will soon have it.

Hello! BillPay Connect and Conversational Payments on UPI are UPI divisions.

NPCI stated that conversational payments represent a new paradigm for human-machine interaction supported by AI-enabled transactions that would expand digital payments in the country.

In collaboration with AI4Bharat at IIT Madras, NPCI is developing Hindi and English payment language models.

NPCI said Bharat BillPay Connect created a nationalised number for bill payments across the country, allowing users to easily retrieve and pay their invoices by sending a ‘Hi’ on the messaging app.

Customers without cellphones or mobile data access can still pay bills by missing a call, it added.

Customers using this service will be called promptly for verification and payment authorization.

Voice-Assisted Bill Payments are also available via BillPay Connect. Customers may collect and pay invoices via smart home devices with quick voice confirmation, it claimed.

NPCI launched UPI credit line to increase credit access, financial inclusion, and innovation.

NPCI stated this will enable pre-sanctioned credit lines from banks via UPI and revolutionize client credit access, enabling a more streamlined and digitized financial environment.

It stated this will speed up credit line access, connection, and use, boosting economic growth.

It said the initiative links pre-sanctioned credit lines, creates digital credit products by banks, establishes interest-free credit periods and interest rates, defines a schedule of charges, engages customers in credit sanction requests, and links various credit lines via UPI-enabled apps for transactions.

It claimed all UPI applications, including bank and third-party ones, will be able to find and link credit lines and deliver end-to-end client lifecycle services to ensure interoperability.

After the success of UPI LITE, UPI LITE X was created for offline payments.

NPCI claimed this capability lets customers send and receive money offline, enabling transactions in locations with inadequate connection.

UPI LITE X will be available to everyone with an NFC-enabled device, processing transactions faster than conventional payment options.

UPI Tap & Pay, which allows users to tap NFC-enabled QR codes at merchant locations to pay, was launched by NPCI to increase QR code and NFC technology adoption.

Advisor to NPCI and Infosys Non-Executive Chairman Nandan Nilekani and NPCI Chairman Biswamohan Mahapatra attended the event.

The NPCI said the launches matched the RBI statement in recent monetary policy pronouncements.

Nilekani called the NPCI India’s technology sector’s “crown jewel” and claimed it exceeded expectations.

The RBI established NPCI as a non-profit payments organization in 2008.

Nilekani said, “It paved the way for national information utilities. We have GSTM for taxes, DigiYatra software, and ONDC using NPCI as a template.”

He added that 1,000 companies existed in 2016 and 1 lakh in 2023.

Conclusion:-

The National Payments Corporation of India (NPCI) has launched several new UPI payment alternatives, including conversational transactions. These include the newest UPI Credit Line, LITE X, and Tap & Pay, Hello! UPI and Conversational Bill Payments. These products aim to help UPI reach 100 billion transactions per month by fostering an equitable, robust, and sustainable digital payments environment. Users can make Hindi and English voice-enabled UPI payments via applications, telecom calls, and IoT devices with UPI.

The NPCI is developing Hindi and English payment language models in collaboration with AI4Bharat at IIT Madras. Bharat BillPay Connect has created a nationalized number for bill payments across the country, allowing users to easily retrieve and pay their invoices by sending a ‘Hi’ on the messaging app. Voice-Assisted Bill Payments are also available via BillPay Connect.

The UPI credit line aims to increase credit access, financial inclusion, and innovation by enabling pre-sanctioned credit lines from banks via UPI and revolutionizing client credit access. UPI LITE X was created for offline payments, allowing customers to send and receive money offline. UPI Tap & Pay allows users to tap NFC-enabled QR codes at merchant locations to pay.

The launches matched the RBI statement in recent monetary policy pronouncements and paved the way for national information utilities, such as GSTM, DigiYatra software, and ONDC.

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