RBI rolls out features to deepen digital banking through UPI
₹500. Given that the unified payments interface (UPI) has transformed the digital payment ecosystem in India, RBI said, the addition of new features over time has enabled UPI to facilitate diverse payment needs of the economy.
According to RBI, 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. “It is, therefore, 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," it said.
This channel, RBI said, will be made available in both smartphones and feature phones-based UPI channels and would help deepen digital penetration. The facility will, initially, be available in Hindi and English and will subsequently be made available in more Indian languages, it said.
“Conversational payments can bring about immense possibilities of countless engagement and communication and also paves way for government’s collaboration with up-and-coming tech companies focused around AI," said Rahul Tandon, chief product officer, Safexpay, a provider of payment and banking solutions. RBI also proposed to facilitate offline transactions using Near Field Communication (NFC) technology, which it believes will not only enable retail digital payments in situations where internet or telecom connectivity is weak or unavailable but will also ensure speed.
In September last year, RBI launched an on-device wallet called “UPI-Lite" to optimise processing resources for banks, thereby reducing transaction failures. On
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