India’s popular digital payment method, UPI, is getting even better with exciting new features. Currently, UPI payment involves QR code scanning but now, RBI is bringing Artificial Intelligence (AI) for conversational payments.
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, revealed more improvements for UPI during a Monetary Policy Committee (MPC) meeting.
Here’s a quick look:
Safe and Secure Conversations for Payments
NPCI (National Payments Corporation of India) is set to introduce “Conversational Payments” on UPI. This lets you have a chat with AI-powered systems to make payments while ensuring safety and security. At first, it will be available in Hindi and English, and later in more Indian languages.
Higher Limit for UPI Lite Transactions
RBI plans to increase the transaction limit for UPI Lite in offline mode from Rs 200 to Rs 500.
Easier Offline UPI Payments with NFC
RBI will introduce offline UPI payments via (NFC) technology through UPI Lite. This means you can simply tap your smartphone on a point-of-sale (PoS) machine to make payments, making the process even more convenient.
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