NCPI’s New UPI Services Transform Digital Payments: Voice-Enabled Payments Lead the Way
In a significant move toward revolutionizing digital payments, RBI Governor Shaktikanta Das unveiled a slew of innovative products on the UPI platform. These offerings, presented by the National Payments Corporation of India (NPCI) during the ongoing Global Fintech Festival, are poised to reshape the digital payment landscape.
New UPI Services Redefine Convenience
The latest additions to the UPI ecosystem encompass a range of services designed to enhance user experience and accessibility:
Hello! UPI: Voice-Enabled Payments
With “Hello! UPI,” users can make voice-enabled UPI payments seamlessly through apps, telecom calls, and IoT devices. This groundbreaking feature is available in both Hindi and English, making digital payments more inclusive.
NPCI’s collaboration with AI4Bharat at IIT Madras has resulted in the development of Hindi and English payment language models, further enriching the digital payment ecosystem.
Credit Line on UPI: Streamlined Banking
“Credit Line on UPI” has ushered in a transformative era in banking. It enables pre-sanctioned credit lines from banks via UPI, simplifying financial transactions and prioritizing customer convenience.
UPI Tap & Pay: Effortless Payments
“UPI Tap & Pay” introduces an effortless payment method. Users can complete transactions by simply tapping NFC-enabled QR Codes at merchant locations, eliminating the need for traditional scanning and payment procedures.
BillPay Connect: Simplified Bill Payments
“BillPay Connect” introduces a nationalized bill payment number, making bill settlement across the country more accessible. Customers can conveniently pay their bills with a simple ‘Hi’ message on their messaging app.
For those without smartphones or mobile data, the option of paying bills via a missed call is available. However, this method requires verification and payment authorization through an immediate callback.
Additionally, “BillPay Connect” offers voice-assisted bill payments, allowing customers to fetch and settle bills through voice commands on smart home devices.
Aligning with RBI’s Vision
These launches align seamlessly with the RBI’s recent monetary policy announcements, reflecting a commitment to advancing digital payment solutions and promoting financial inclusion.
FAQs to NCPI’s New UPI Services Transform
Q1: What is “Hello! UPI,” and how does it revolutionize payments?
A1: “Hello! UPI” enables voice-enabled UPI payments in Hindi and English through apps, telecom calls, and IoT devices, fostering inclusivity and convenience in digital payments.
Q2: What is the significance of “Credit Line on UPI”?
A2: “Credit Line on UPI” digitizes the banking sector by offering pre-sanctioned credit lines via UPI, simplifying financial transactions for users.
Q3: How does “UPI Tap & Pay” differ from traditional payment methods?
A3: “UPI Tap & Pay” allows users to complete transactions by tapping NFC-enabled QR Codes at merchant locations, streamlining the payment process.
Q4: How does “BillPay Connect” cater to customers without smartphones?
A4: “BillPay Connect” enables bill payments via a missed call, ensuring accessibility for customers without smartphones. Verification and payment authorization are carried out through an immediate call back.