NPCI’s UPI Success
NPCI’s UPI (Unified Payments Interface) is the most preferred payment option for digital payments in India. Recently at the Global Fintech Fest 2023, they announced additional features to enhance the UPI payment system. It also aims to increase the financial inclusion for all.
The new UPI features from NPCI are as follows:
Credit Line on UPI
The Reserve Bank of India (RBI) has announced plans to allow credit lines on UPI. This is with the aim of improving financial inclusion. Under this feature, selected banks and apps would offer pre-sanctioned credit lines via UPI to the required customers. This will allow users to make payments even when insufficient funds in their bank account.
UPI Lite X (Offline Payments)
Just like UPI Lite, users can now send and receive money offline provided their device is NFC (Near Field Communication) capable. This is supposed to make UPI more accessible for the masses and versatile too.
UPI Tap & Pay (QR Codes & NFC)
Customers can make payments by tapping on QR codes or tapping to pay through a phone using NFC without the need for a debit card. This simplifies the payment experiences in India.
Hello! UPI (Voice-Activated Payments)
This feature allows users to initiate transactions through conversations. It is available currently in English and Hindi and more regional languages are to be added soon. With this, users can perform transactions using their voices now. This adds a new level of convenience to UPI applications and telephone calls as well.
BillPay Connect (Payments via messaging)
This feature allows users to pay their bills just by sending a simple message in chat apps. Even users without smartphones or mobile data can do the same via a missed call to settle their bills.
UPI ATMs
UPI ATMs are the new trick under the sleeves of banks. The advent of UPI ATMs will allow users to eliminate the need to carry a debit card with them. Through UPI ATM, users can use any UPI-enabled app on their mobile devices and withdraw money just like any UPI Scan & Pay transaction.
Conclusion
Thus, these innovative new UPI features from NPCI are of great convenience for some users. It reflects the dedication of the government to enhance its digital payment ecosystem. With evolving technology, UPI stands at the forefront of the Digital Payments Revolution. Now, with more accessibility and inclusion for all.
