Curated By: Business Desk
Last Updated: September 07, 2023, 11:56 IST
UPI transactions in India have seen substantial growth over the years.
On September 6, the National Payments Corporation of India (NPCI) launched new payment options that include conversational transactions.
The Unified Payment Interface (UPI) is a popular mode of payment for digital transactions. New features are being added to it quite frequently to make it more and more user-friendly. Now, on September 6, the National Payments Corporation of India (NPCI) launched a slew of new payment options which also include conversational transactions.
The launch of the products by the NPCI was announced at the Global Fintech Festival by Shaktikanta Das, Governor of the Reserve Bank of India. One of the products announced is Hello! UPI which will allow users to make voice-enabled UPI payments via apps, telecom calls and IoT devices in Hindi and English. It will be soon made available in regional languages as well.
The credit line on the UPI facility will help customers access their pre-sanctioned credit from banks via UPI. Users can send and receive money via the LITE X product.
Apart from this, the Tap and Pay facility is also being introduced with scanning QR codes. As per reports, the Tap and Pay facility will let users simply tap Near Field Communication (NFC)-enabled QR codes to complete payments.
The Credit Line on UPI will allow access to credit and promote financial inclusion and innovation. Pre-sanctioned credit lines from banks via UPI will be available for customers.
NPCI also launched Bharat BillPay Connect which is a nationalised number for bill payment across India via BillPay Connect. Customers can easily get their bills and make payments by using the chat app by simply texting Hi on the messaging app. Users who do not own a smartphone and do not have immediate access to the internet will be able to pay bills just by giving a missed call.
Users will receive a call back for verification and payment authorisation. BillPay Connect also offers a voice-assisted payment facility. Customers can pay bills and get instant confirmation regarding the transaction just by using the voice command. Voice confirmation is also available for bill payment at physical collection centres through soundbox devices.
