National Payments Corporation of India (NPCI), the developer of UPI, has unveiled several new products — Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI - Conversational Payments on UPI, BillPay Connect - Conversational Bill Payments — with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced the introduction of the suite of new product offerings at the Global Fintech Fest (GFF) 2023 in Mumbai in the presence of Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Biswamohan Mahapatra, Non-Executive Chairman, NPCI.
While Credit Line on UPI would enable pre-sanctioned credit lines from banks via UPI, UPI LITE X would facilitate offline payments and UPI Tap & Pay would enhance QR Code and Near Field Communication (NFC) technology adoption for digital payment. In addition to the conventional Scan and Pay method, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.
Hello! UPI – Conversational Payments on UPI would enable users to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages.
And through BillPay Connect – Conversational Bill Payments, payments can be made across India through a nationalised number made available by Bharat BillPay.
Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app. Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call. Such customers will receive an immediate call back for verification and payment authorization.
Additionally, BillPay Connect offers Voice Assisted Bill Payments facility. Customers can fetch and pay bills through voice commands on their smart home devices and get instant voice confirmation.
Moreover, instant voice confirmations will be enabled for bill payments made at physical collection centers through payment soundbox devices.