At the Monetary Policy Committee (MPC) meeting on Thursday, RBI Governor Shaktikanta Das unveiled a number of new features for UPI. You should be aware of the following.
India’s preferred digital payment mechanism, UPI, is receiving a significant update with a number of new features. Conversational Payments, a novel method of making payments by corresponding with AI-powered systems, is the most prominent of them.
Though there is more. At Thursday’s Monetary Policy Committee (MPC) meeting, RBI governor Shaktikanta Das also unveiled further new UPI features. This is a summary.
In order to improve digital payments, NPCI wants to launch “Conversational Payments” on UPI, which will let users have conversations with AI-powered systems while making payments in a safe and secure setting.
According to Das, this capability will operate on both feature phones and smartphones, boosting the country’s adoption of digital technology. It will initially be made available in Hindi and English, followed by additional Indian languages. RBI will soon communicate instructions to NPCI.
NPCI is likely to press for the addition of an AI chatbot like ChatGPT to assist consumers with payments, even if specifics on how conversational payments will operate were not disclosed.
Das said that this capability will work on both smartphones and feature phones, hence increasing digital penetration in the country. It will initially be offered in Hindi and English, followed by additional Indian languages. The RBI will issue directions to NPCI shortly.
While no specifics on how conversational payments will operate were provided, it is probable that NPCI will advocate for the addition of an AI chatbot like ChatGPT to assist consumers with payments.
There have been calls to increase these limitations. “It is now proposed to increase the per transaction limit to Rs 500 to encourage wider adoption of this mode of payment and bring in more use cases,” Das added.
To mitigate the dangers associated with relaxing two-factor authentication, the overall maximum remains at Rs 2,000. The RBI will provide directions on this as well, he said.
NFC-based offline UPI payments
Das has also announced offline UPI payments using UPI Lite, which use near-field communication (NFC) technology. Users will be able to make payments more easily because they will simply need to tap their smartphone on the point-of-sale (PoS) system.
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