Reserve Bank Governor Shaktikanta Das announced 5 additional features of UPI at Global Fintech Fest 2023. Now transactions can be completed through UPI with the help of voice commands.
In the Global Fintech Fest (Global Fintech Fest 2023), many products were launched by NPCI. Reserve Bank Governor Shaktikanta Das announced this. Credit Line on UPI, UPI LITE X, UPI Tap & Pay, Hello! UPI- which will accept audio commands and BillPay Connect- Conversational Bill Payments has been launched. Nandan Nilekani, Advisor and Non-Executive Chairman of NPCI and Vishwas Mohan Mahapatra, Non-Executive Chairman of NPCI were also present in the launching program.
Credit Line on UPI
Under this, customers will get the facility of pre-sanction credit from the bank. This will promote digital banking and this ecosystem. This will make it easier to use credit lines, which will help in economic growth.
With the help of UPI Lite X feature, users can transfer and receive money even offline. Where there is a problem of connectivity, this feature will bring revolution and the digital economy will get a boost. This will prove to be a boon for underground stations and remote areas.
UPI Tap & Pay
QR code increased the prevalence of UPI transactions and has a major contribution in the immense success of digital transactions. NPCI has now taken steps in the direction of NFC i.e. Near Field Communication along with QR Code. NFC is based on wireless data transmission technology. Till now you had to scan the QR code to make payment. Now users have to click on NFC enabled QR codes and transactions can be completed without scanning.
Hello! UPI — Conversational Payments on UPI
This will be the voice command version of UPI. In this, users can give voice commands regarding UPI transactions. This will be possible in both Hindi and English. Gradually voice commands will also be started for regional languages. In this, the user will say that the fund should be transferred. The details have to be spoken and the transaction will be completed.
Bill Pay Connect — Conversational Bill Payments
Bharat Billpay has introduced new nationalized numbers for bill payments across the country. In this, the customer has to message by writing Hi on BillPay Connect. With this his bill will be fetched and then it can be paid easily. This facility can also be used with the help of missed call.
