UPI: UPI is the most popular payment system in India when it comes to online payments. The acclaimed UPI payment system for easy and secure payment system. Payment can be easily done through apps like Phone Pay, G Pay, Paytm etc. using UPI payment system. Big changes are going to happen in UPI payment system.
At this year’s Global Fintech Fest, Reserve Bank of India (RBI) Governor Shri Shaktikanta Das announced the launch of several new features to enhance the utility of UPI (Unified Payment Interface). Many features including UPI ATM are going to be added with the aim of creating a strong digital payments ecosystem in India. To further improve the UPI payment system, RBI has now announced plans to integrate UPI with conversational (AI) capabilities.
The new feature that National Payments Corporation of India (NPCI) is going to add to the UPI payment system is Hello! UPI, which will soon be available on all UPI payment apps. With this new utility, UPI payments can be completed using voice comments. However, entering the UPI PIN verbally in this method will still jeopardize the confidentiality of the PIN.
These AI capabilities can be seen during telecom calls as well as while making payments using IoT devices and through UPI apps like PhonePe, Google Pay, PayTM and smart home assistants. To facilitate this, NPCI AI4India is using India’s own AI language model, Project Bhashini, in collaboration with the Nilekani Center at IIT Madras to enable the service in Hindi and English at launch, but others soon. Can be done in regional languages also.
Additionally, NPCI launched a pan-India number called “BillPay Connect” through its ‘Bharat BillPay’ app. You can use this number to pay bills and get payment reports by sending a simple “Hi”. And for feature phones without smartphones this can be done with a simple missed call on the number this will trigger an automatic callback which will verify your payment authorization.
Additionally, using the voice assisted bill payment feature of the ‘Bharat BillPay’ app, you will be able to make hands-free bill payments using AI-powered voice commands. Once successful, an audio confirmation message will come. This soundbox will play messages to sellers when collecting funds using the device.
This is not the end! Other notable launches at the Global Fintech Fest 2023 include the ability to take credit from banks through UPI, the launch of UPI Lite X to make offline payments, and the ability to make payments using UPI on NFC-enabled devices.