RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Fest 2023
Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das has announced the launch of a suite of new product offerings built by the National Payments Corporation of India (NPCI). These products are aimed at creating an inclusive, resilient, and sustainable digital payments ecosystem. T
These new products are – Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI – Conversational Payments on UPI, BillPay Connect- Conversational Bill Payments
Credit Line on UPI- The RBI Governor launched Credit Line on UPI, to expand access to credit, promote financial inclusion and innovation. This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionize customer access to credit, fostering a more streamlined and digital banking ecosystem.
UPI LITE X- Through this feature, users can now both send and receive money whilst being completely offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc. UPI LITE X will be accessible to anyone with a compatible device that supports Near Field Communication (NFC). UPI LITE payments are faster than other payment methods, as they require less time to process the transaction.
UPI Tap & Pay- Under this system, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.
Hello! UPI – Conversational Payments on UPI:
This conversational UPI payments will augment user experience by enabling them to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages. Users can simply give voice commands to transfer funds and input UPI PIN to complete the transaction. NPCI has partnered with the Bhashini program – AI4Bharat at IIT Madras, to co-develop Hindi and English payment language models.
BillPay Connect – Conversational Bill Payments:
With BillPay Connect, Bharat BillPay introduces a nationalized number for bill payments across India. Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app. Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call. Customers will receive an immediate call back for verification and payment authorization. Additionally, BillPay Connect offers Voice Assisted Bill Payments facility. Customers can fetch and pay bills through voice commands on their smart home devices and get instant voice confirmation. Moreover, instant voice confirmations will be enabled for bill payments made at physical collection centers through payment soundbox devices. This development aims to provide both customers and collection centers with added security and a sense of reassurance.
Source: NPCI
Points to remember:
- Name the two conversational bill payments method launched by RBI Governor