UPI parent body makes payments easier – Now voice commands will also enable transactions and more

• UPI credit will allow individuals to access pre-authorised credit lines from banks marking a significant shift for customers.
• UPI Lite X will enable users to send and receive money even without an internet connection.
• Conversational UPI payments will enable voice-initiated transactions in Hindi and English.

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), unveiled a range of new product offerings developed by the National Payments Corporation of India (NPCI) including voice enabled UPI as he had promised in the last RBI Monetary Policy. The launch will help UPI stride ahead in ease of use as currently it involves QR code scanning, clicking and entering PIN for each transaction. We take a closer look.

Credit Line on UPI

This solution will empower individuals to access pre-authorised credit lines from banks through UPI, marking a significant shift in how customers access credit.

The initiative encompasses several aspects, including the integration of pre-approved credit lines, the development of digital credit products by banks, the provision of interest-free credit periods with corresponding interest rates, a transparent fee schedule, channels for customer engagement in credit approval requests, and the ability to link multiple pre-approved credit lines through UPI-enabled apps for transactions.

To ensure seamless compatibility, all UPI apps, whether from banks or third parties, will possess the capability to discover and establish connections with these credit lines on the UPI platform while delivering comprehensive customer lifecycle services.

UPI LITE X for offline payments

Building on the success of the UPI LITE feature, the RBI Governor has introduced UPI LITE X for offline payments. This new feature enables users to send and receive money even without an internet connection, making it possible to initiate and complete transactions in areas with limited connectivity, such as underground stations or remote regions.

UPI LITE X is accessible to anyone with a compatible device that supports Near Field Communication (NFC). UPI LITE payments are notably faster compared to other payment methods, as they require less processing time.

QR codes have seamlessly integrated into the UPI payments ecosystem, playing a major role in facilitating digital transactions. In a significant move to boost the adoption of QR code and near field communication (NFC) technology, the RBI Governor has introduced UPI Tap and Pay. This new addition, alongside the traditional scan and pay method, allows users to simply tap NFC-enabled QR codes at merchant locations to complete their payments.

In September 2022, UPI LITE was launched which allowed users to make payments of up to ₹200. The limit was later raised to ₹500.

“As pioneers of mobile payments, we are proud to partner with NPCI to enable the launch of innovative new features like Credit Line on UPI, Billpay Connect and UPI Tap and Pay,” said a Paytm spokesperson.

Conversational Payments: AI-driven solution

Conversational Payments, a revolutionary AI-driven approach to digital transactions that will boost digital payment adoption in the country was also announced.

Voice-Powered UPI Payments - Hello! UPI

Conversational UPI payments offer an improved user experience by enabling voice-initiated transactions in Hindi and English through UPI Apps, telecom calls, and IoT devices, with plans to include regional languages soon. This expansion aims to make digital payments more accessible, especially for those comfortable in their native languages, such as senior citizens and less tech-savvy individuals. Users can easily execute fund transfers with voice commands, requiring input of their UPI PIN.

Streamlined Bill Payments - BillPay Connect

BillPay Connect, offered by Bharat BillPay, introduces a unified number for bill payments across India. Customers can now efficiently fetch and settle their bills by sending a simple 'Hi' via their messaging app. Additionally, customers without smartphones or immediate mobile data access can make payments via a missed call, receiving an immediate callback for verification and payment authorisation.

BillPay Connect also introduces voice assisted bill payments, enabling customers to handle bills through voice commands on their smart home devices, with instant voice confirmations. Furthermore, this feature extends to bill payments made at physical collection centres using payment soundbox devices, enhancing security and trust for both customers and collection centres.

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