RBI Governor reveals new UPI features at the Global Fintech Fest 2023.
Key highlights
- The Hello! UPI will allow users to make voice-enabled payments.
- Users can access pre-sanctioned credit lines from banks through UPI Platforms
- NPCI upgrades its UPILITE feature with “UPILITE X”
- Bharat BillPay introduces Bill Pay Connect for voice-assisted payments.
At the Global Fintech Festival 2023, Reserve Bank of India (RBI) Governor Shri Shaktikanta Das launched a number of exciting features introduced by the National Payment Corporation of India (NPCI) for the Unified Payments Interface (UPI). These new UPI features aim to redefine digital payments in India.
NPCI Advisor and Non-Executive Chairman of Infosys Nandan Nilekani was also present at the Global Fintech Fest 2023. Nilekani hailed NPCI as a “crown jewel” in Indian Technology, emphasising commitment through seamless interoperability through all apps.
4 Exciting New UPI Features introduced by NPCI
Here are the new UPI features launched by the RBI Governor at the Global Fintech Fest 2023.
Hello! UPI
One of the most eagerly awaited features was Hello! UPI, which empowers users to make voice-enabled UPI payments in Hindi and English, via apps, telecom calls, and IoT devices. This outstanding development will soon be extended to support regional languages, enhancing accessibility for millions of users.
Credit line on UPI
The introduction of the “Credit line on UPI” marks a major step towards expanding access to credit, and encouraging financial inclusion and innovation. This feature will enable the user to access pre-sanctioned credit lines from banks using UPI Platforms. It aims to smoothen the credit application process, promote economic growth, and digitise the banking ecosystem.
UPILITE X and Tap & Pay
NPCI upgraded its UPILITE feature with “UPILITE X”, allowing users to send and receive money despite being completely offline using NFC. Additionally, the introduction of “TAP & PAY” simplifies payments by enabling users to tap NFC-enabled QR codes at merchant locations, enhancing the overall UPI experience.
BillPay Connect – Conversational bill Payments
Bharat BillPay introduced an innovative approach to bill payments with BillPay Connect. A nationalised number introduced by Bharat BillPay will allow customers to conveniently pay bills by sending a simple ‘Hi” on the messaging app. Even those without smartphones can pay bills via missed calls, receiving an immediate call back for verification.
Voice-assisted bill payments are also introduced, making transactions through smart home devices and physical collection centres more secure and user-friendly.
These new UPI features aim to enhance user experience and accelerate India’s transition towards a more digital and interconnected economy.
