NPCI introduces credit, NFC-based payments to scale UPI service
NPCI), which operates the Unified Payments Interface (UPI) network, has launched new products to ensure more digital inclusivity of the payment service, even as it aims to scale the infrastructure to 100 billion monthly transactions.
The new offerings include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Applied Business AnalyticsVisitIndian School of BusinessISB Professional Certificate in Digital MarketingVisitThe new launches come just a day after NPCI chief Dilip Asbe said at the Global Fintech Festival 2023 that UPI had the potential to scale almost ten times and reach a couple of billion transactions a day by 2030.
Infosys cofounder and non-executive chairman Nandan Nilekani, who was present at the launch, added that the NPCI ecosystem will be transformational for the country as it moves from an offline, informal, low-productivity economy to an online, formal hybrid economy as millions of people join the society with digital IDs and mobile connections.
“As they use additional credit, get access to capital and build businesses, we are going to see a huge formalisation of the country over the next 20 years,” said Nilekani. “And this could all be possible because of the digital public infrastructure,” he added.
Credit line on UPI
Through the credit line on UPI, the payment service will allow users to pay for transactions through
