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Just a week after UPI transactions in India hit an all-time high of 10 billion in August, National Payments Corporation of India (NPCI) is now aiming for 100 billion transactions per month and to achieve this feat it has launched four new UPI products.
So what are these new features? Let’s find out…
UPI Tap & Pay and UPI ATM
UPI Tap feature enhances QR code and NFC technology adaptation. Users can now tap NFC enabled QR codes at merchant locations to complete payments.
The UPI ATM is a white label ATM that facilitates cardless cash withdrawals. It allows customers of participating banks to withdraw cash without using a debit card. The white label ATMs are owned and operated by non bank entities.
Hello UPI for Voice Enabled Payments
This feature allows transactions via apps, telecom calls and Internet of Things(IOT) devices in both Hindi and English language.
It will soon be available in multiple regional languages. Conversational payments on UPI and BillPay connect are also part of Hello UPI.
Conversational payments on UPI
User will be speaking to an AI powered device such as an smartphone and requests it to conduct payments.
The device will then understand users' intent through the voice recognition model and will complete the payment and will respond with confirmation.
BillPay connect
A nationalised number for bill payments across India is introduced, making it convenient for customers to fetch and pay bills by sending a simple ‘Hi’ on a messaging app.
Even customers without smartphones or immediate mobile data access can pay bills by giving a missed call. They will receive a call for verification and payment authorisation.
Credit line on UPI and UPI Lite X
NPCI has introduced credit lines on UPI, allowing per sanctioned credit lines from banks via UPI. This aims to streamline customer access to credit and promote financial inclusion and innovation.
UPI Lite X for is offline payments. It allows users to send and receive money even in areas with poor connectivity. It relies on near field communication (NFC) technology offering faster payments.
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