The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions.
Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the products by the National Payments Corporation of India (NPCI) at the ongoing Global Fintech Festival here.
One of the products is Hello! UPI that will enable users to make voice-enabled UPI payments via apps, telecom calls, and IoT devices in Hindi and English. It will soon be available in several other regional languages also.
NPCI said the credit line on UPI facility will enable customers access pre-sanctioned credit from banks via UPI.
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Separately, users will be able to send and receive money offline using the other product, LITE X product.
Further, the UPI Tap & Pay facility, in addition to the conventional scan-and-pay method, will allow customers to simply tap Near Field Communication- (NFC-) enabled QR codes at merchant locations to complete their payments.
The products are aimed at creating an inclusive, resilient, and sustainable digital payments ecosystem and help UPI achieve the target of 100 billion transaction per month, according to the NPCI.
NPCI Advisor and Non-Executive Chairman of Infosys Nandan Nilekani, and NPCI Non-Executive Chairman Biswamohan Mahapatra were also present at the launch.
Nilekani termed the NPCI as a ‘crown jewel’ in the Indian technology landscape.
To ensure seamless interoperability, all UPI apps, including bank and third-party apps, will be able to discover and link credit lines on UPI, and provide end-to-end customer lifecycle services, NPCI said.