Many new products were introduced by NPCI at the Global Fintech Fest 2023. Reserve Bank Governor Shaktikanta Das made this announcement.
These include Credit Line on UPI, UPI LITE X, UPI Tap & Pay, Hello! from the National Payment Corporation of India (NPCI), and UPI that accepts audio commands.
There’s also BillPay Connect for Conversational Bill Payments.
Nandan Nilekani, Advisor and Non-Executive Chairman of NPCI, along with Vishwas Mohan Mahapatra, Non-Executive Chairman of NPCI, were present at the launch event.
Credit Line on UPI
With Credit Line on UPI, customers can get pre-approved credit from their banks. This will boost digital banking and make using credit easier, contributing to economic growth.
UPI LITE X
UPI Lite X allows users to send and receive money even without an internet connection.
This feature will revolutionize areas with poor connectivity, benefitting places like underground stations and remote areas.
UPI Tap & Pay
While QR codes have played a big role in the success of digital transactions, NPCI is now moving toward NFC (Near Field Communication) in addition to QR codes.
NFC is a wireless data transmission technology. Instead of scanning QR codes, users can now click on NFC-enabled QR codes for quick transactions.
Hello! UPI — Voice-Powered UPI
This version of UPI allows users to perform transactions using voice commands in both Hindi and English.
Voice commands for regional languages will be introduced gradually. Users can simply speak their transaction details to initiate fund transfers.
BillPay Connect — Easy Bill Payments
BillPay Connect introduces nationalized numbers for bill payments across India.
Customers can message “Hi” to BillPay Connect, and their bill details will be retrieved for easy payment. This service can also be accessed through a missed call.
