RBI Governor Unveiled 5 new smart payment solutions at Global Fintech Fest 2023

RBI Governor Shaktikanta Das Unveiled 5 new smart payment solutions, developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023 on 6 September.

Photo Source : NPCI official

These innovative solutions, such as Credit Line on UPI, UPI Lite X and Tap & Pay, Hello! UPI - Conversational Payments on UPI, and BillPay Connect - Conversational Bill Payments, are designed to foster an inclusive, resilient, and sustainable digital payments ecosystem.

The indigenous NPCI is a strong organization to facilitate retail payments and settlement through RuPay gateway in India. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) with an aim to create a robust payment and settlement system.

Credit Line on UPI:

This new offering is likely to include pre-approved credit lines by banks through UPI and could revolutionize customers' access to credit, boosting the digital banking ecosystem. With this, the process of getting a credit line will be expedited, encouraging economic growth and progress.

UPI Tap & Pay:

In the direction of promotion of QR Code and Near Field Communication technology, the RBI Governor has also introduced this, which aims to promote QR Code and use citizen engagement technology. Additionally, users now also have the option to directly tap NFC-enabled QR codes to complete their payments at marketplaces.

UPI Lite X:

Through this facility, users can now send and receive money offline, consequently, initiate transactions in areas with low connectivity like underground locations, remote locations, etc.

Hello! UPI - Conversational Payments on UPI:

Hi! UPI, which can be called a preview of Conversational UPI Payments, is meant to elevate the user experience by allowing them to make voice-enabled UPI payments. Users can give voice commands to send money directly and give a UPI PIN to complete the transaction. It will be available in Hindi and English initially, and will be available in many other regional languages soon.

BillPay Connect - Conversational Bill Payments:

BillPay Connect provides a national solution for bill payments across India. Now customers will be able to easily pay their bills by sending 'Hi' on the messaging app and through a missed call without having to have a smartphone or instant mobile data availability.

These unique developments reflect a strong commitment to advance India's digital payments ecosystem, combining innovation and accessibility with simplicity.

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