The Reserve Bank of India (RBI) on Thursday announced conversational payments on UPI, which will allow users to engage in natural language conversations with an AI-driven system, streamlining the process of initiating and completing transactions.
While announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said that this channel will be accessible through both smartphone and feature phone-based UPI platforms, ensuring a broader reach and deeper digital penetration. Initially launching in Hindi and English, the feature is slated to expand to encompass a variety of Indian languages, catering to a wider spectrum of users.
The National Payments Corporation of India (NPCI), the driving force behind UPI, is expected to issue instructions to implement Conversational Payments shortly. This move is anticipated to redefine the user experience, making digital transactions even more seamless and user-friendly.
Additionally, to further promote the utilisation of UPI Lite, plans are underway to introduce offline transactions using Near Field Communication (NFC) technology. This will not only address connectivity challenges by enabling retail digital payments in low or no internet/telecom zones, but also promises expedited transactions with minimal declines.
UPI Lite allows feature phone users to access UPI networks and make digital payments straight from their bank accounts using their phones. Customers can add funds from their bank accounts to the app by authentication (AFA) or through UPI AutoPay, which needs to be registered online using an AFA.
The upper limit of a UPI Lite payment transaction was raised to Rs 500 from Rs 200, while the total limit of UPI Lite balance for an on-device wallet is Rs 2,000 at any point in time.
First Published: Aug 10, 2023 11:21 AM IST
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