NPCI Introduces Innovative UPI Payment Options

Governor of the Reserve Bank of India (RBI), Shaktikanta Das has revealed in the Global Fintech Festival that the National Payments Corporation of India (NPCI) has added many additional payment methods, including conversational transactions, to the well-known UPI platform in a big drive to increase digital payments.

Innovative Digital Payment Products included 

1. Hello! UPI - conversational payments: This feature enables users to make voice-enabled UPI payments through apps, phone calls, and IoT devices in Hindi and English, with more regional languages to come. It simplifies tasks like splitting bills or paying friends.

2. Credit line on UPI: This allows customers to access pre-sanctioned credit from banks through UPI, promoting financial inclusion and innovation.

3. UPI LITE X for offline payments: Users can send and receive money offline, enhancing accessibility, especially in areas with poor connectivity. UPI LITE payments are faster and require less processing time.

About Unified Payments Interface (UPI) 

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. 

• It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
• With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.