RBI Governor Shaktikanta Das recently announced the launch of several products on the popular UPI platform. The products by the National Payments Corporation of India (NPCI), were unveiled at an ongoing Global Fintech Festival.

The latest offerings include UPI services such as Credit Line on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and Conversational Bill Payments.

New UPI Services

Among these, Hello! UPI particularly stands out as an innovative venture that enables users to make voice-enabled UPI payments through apps, telecom calls, and IoT devices in Hindi and English.

The NPCI has joined hands with AI4Bharat at IIT Madras to co-develop Hindi and English payment language models, promising a more inclusive digital payment ecosystem for users across the country.

Credit Line on UPI, UPI Tap & Pay

Credit Line on UPI has proved revolutionary in digitizing the banking sector by allowing pre-sanctioned credit lines from banks via UPI, creating a streamlined and customer-centred financial ecosystem.

UPI Tap & Pay, another launch from NPCI, facilitates users to complete payments simply by tapping the NFC-enabled QR Codes at merchant locations, going a step beyond the conventional scan and pay method.

BillPay Connect

BillPay Connect in introduces a nationalized number for bill payments across the country. The process allows customers to easily access and pay their bills through a simple ‘Hi’ message on the messaging app.

Additionally, the method also carters for those without smartphones or mobile data, allowing customers to pay bills by giving a missed call. However, the payment will still require verification and payment authorization through an immediate call back.

BillPay Connect also offers voice-assisted bill payments to allow customers to fetch and pay bills via voice commands on connected smart home devices. The launches aligned with the RBI communique in its recent monetary policy announcements, the NPCI said.

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