UPI, India’s preferred method for digital payments, is getting revamped with several new features by incorporating Artificial Intelligence-powered (AI) conversational features on UPI.
The Reserve Bank of India (RBI) is likely to introduce ‘Conversational Payments’, a new way to make payments by chatting with AI-powered systems. Speaking on the same, RBI Governor Shaktikanta Das also announced the introduction of offline payments through the ‘UPI-Lite’ on-device wallet.
Importantly, the announcement included implementing “Conversational Payments” on UPI, enabling users to engage in conversation with AI-powered systems to make payments. There have also been proposals for introducing offline payments on UPI using Near Field Communication (NFC) technology through the ‘UPI-Lite’ on-device wallet.
It seeks to enhance the transaction limit for small-value digital payments in offline mode from INR 200 to INR 500 within the overall limit of ₹2000 per payment instrument. It also mentions the development of a Public Tech Platform for frictionless credit delivery deployed as a Plot project.
Addressing the media on August 10th, Das shared, “I am happy to note that the Indian economy is exuding enhanced strength and stability despite the massive shocks to the global economy in recent years. Our economy has continued to grow at a reasonable pace, becoming the fifth-largest economy in the world and contributing around 15 per cent to global growth. Overall, India’s strong macroeconomic fundamentals have laid the foundations for sustainable growth.”
Commenting on the RBI announcement, Akash Sinha, CEO & Co-Founder of Cashfree Payments shared, “The Reserve Bank of India (RBI) has once again emphasised the significance of promoting digital payments in its latest Monetary Policy announcement. By proposing innovative concepts such as Conversational Payments and Offline capability on the Unified Payments Interface (UPI), the Central Bank is wholeheartedly advocating the integration of cutting-edge technologies like Artificial Intelligence (AI) and Near Field Communication (NFC) through ‘UPI-Lite’ on-device wallet, within the realm of payments.”
“Moreover, the ingenuity and progress achieved in India’s digital payments landscape are poised to strengthen our global standing, particularly concerning UPI and digital payments,” added Sinha.
