RBI announces slew of measures to drive growth of UPI-based payments
RBI) Thursday announced a slew of measures to further propel the growth of UPI- based payments including the launch of conversational payments on UPI, allowing Near Field Communication (NFC) technology to facilitate offline transactions and enhancing limits on small-value payments. «As Artificial Intelligence (AI) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system,» RBI Governor, Shaktikanata Das said in his post monetary policy statement.
«It is proposed to launch an innovative payment mode, “Conversational Payments” on UPI, that will enable users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment.» This channel will be made available in both smartphones and feature phones-based UPI channels. The facility will, initially, be available in Hindi and English and will subsequently be made available in more Indian languages.
RBI is expected to soon issue instructions to the National Payments Corporation of India shortly. The RBI also proposed to facilitate offline transactions using Near Field Communication (NFC) technology on UPI-Lite.
This feature will not only enable retail digital payments in situations where internet and telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines. Governor Das also said that the RBI is in talks with few more countries for UPI linkage.
«We have already linked UPI with Singapore, RuPay card is used in a few countries,»Das said. «We have recently signed MoU with UAE, where we will link our UPI with their integrated payments system and
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