Global Fintech Fest 2023 : Reserve Bank of India (RBI) Governor Shaktikanta Das, in a groundbreaking announcement on September 6, revealed a suite of innovative payment solutions developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023.
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These pioneering solutions are poised to accelerate access to credit and propel the offline payments sector, contributing to the development of a more inclusive, robust, and sustainable digital payments ecosystem.
NPCI, a homegrown institution, operates as an overarching entity facilitating retail payments and settlements in India through the RuPay gateway.
This initiative is jointly supported by the RBI and the Indian Banks’ Association (IBA), with a shared mission of establishing a resilient payments and settlement infrastructure in the nation.
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Here is an overview of the innovative products unveiled:
- Credit Line on UPI: This revolutionary offering streamlines access to pre-sanctioned credit lines from banks through the Unified Payments Interface (UPI). It promises to revolutionize customer access to credit, expediting the digital banking ecosystem’s growth and fostering economic development.
- UPI LITE X: Users can now perform offline money transfers, enabling transactions even in areas with limited connectivity, such as underground stations and remote regions. This feature significantly enhances financial accessibility for users across diverse locations.
- UPI Tap & Pay: In a strategic move to boost the adoption of QR code and Near Field Communication (NFC) technology, the RBI Governor introduced UPI Tap & Pay. This feature provides users with an alternative to the conventional scan-and-pay method, allowing them to effortlessly complete payments by tapping NFC-enabled QR codes at merchant locations.
- Hello! UPI — Conversational Payments on UPI: This innovative feature enhances the user experience by enabling voice-activated UPI payments via UPI apps, telecom calls, and IoT devices in both Hindi and English. Soon, this feature will be available in multiple regional languages, simplifying fund transfers through voice commands and secure PIN inputs.
- BillPay Connect — Conversational Bill Payments: Bharat BillPay introduces a universal billing number for payments across India with BillPay Connect. Customers can conveniently retrieve and settle their bills by initiating a simple ‘Hi’ on their messaging app. Furthermore, customers without smartphones or immediate mobile data access can pay bills through a missed call, expanding bill payment accessibility to a wider audience.
These groundbreaking payment solutions represent a significant leap toward digitalizing financial services and fostering financial inclusion within India’s rapidly evolving digital landscape.