Fintech Frontiers
Wednesday, November 29, 2023
Advertisement
  • Home
  • Banking
  • Insurance
  • Tech
    • Fintech
    • Regtech
    • Insuretech
  • Markets & Lending
  • Advisors
  • Ecosystem
    • Government Regulators
    • Accelerators
    • Associations & Federations
  • About
    • Meet Our Team
  • Contact
No Result
View All Result
  • Home
  • Banking
  • Insurance
  • Tech
    • Fintech
    • Regtech
    • Insuretech
  • Markets & Lending
  • Advisors
  • Ecosystem
    • Government Regulators
    • Accelerators
    • Associations & Federations
  • About
    • Meet Our Team
  • Contact
No Result
View All Result
Fintech Frontiers
No Result
View All Result
Home News

Revamping UPI: A New Dawn in India’s Digital Payments

Editiorial Team by Editiorial Team
10/08/2023
Share on FacebookShare on Twitter

 India’s premier digital payment system, UPI, is set to undergo a significant transformation. Topping the list of novel introductions is “Conversational Payments,” an innovative method that incorporates AI-driven dialogues for seamless payment processing.

Unveiling Conversational Payments  

During the recent Monetary Policy Committee (MPC) session, RBI Governor, Shaktikanta Das, spotlighted the National Payments Corporation of India (NPCI)’s ambitious venture. This next-gen feature, dubbed ‘Conversational Payments’, aims to integrate artificial intelligence, allowing users to converse with intelligent systems to ensure secure payment executions.

Notably, this mechanism won’t be limited to modern smartphones; traditional feature phones will also be on board. Das emphasized the potential boost to India’s digital landscape, mentioning the initial language support in Hindi and English, with subsequent inclusions of other regional languages. Details remain under wraps, but speculation suggests potential collaboration with AI-driven platforms, reminiscent of ChatGPT, to guide users.

Elevated Transaction Thresholds for UPI Lite

RBI is considering an upward revision of the per transaction ceiling for offline UPI Lite payments. Currently pegged at Rs 200, the proposed enhancement aims at a revised Rs 500 per transaction. However, for safety reasons related to bypassing two-factor authentication, the collective cap stays put at Rs 2,000. Governor Das stated that this recalibration responds to a growing demand, aiming to amplify the payment mode’s adoption for smaller transactions.

UPI Goes Offline with NFC

Another groundbreaking announcement from Das pertains to the integration of NFC technology for UPI Lite. With this, users can swiftly execute payments by merely tapping their phones on a Point-of-Sale (PoS) terminal. Ideal for regions with patchy internet or telecom services, this NFC-enabled feature promises speedy transactions with reduced declines.

In conclusion, these upgrades indicate a monumental stride in India’s digital payment ecosystem, with user experience and inclusivity at its core. The nation waits in anticipation for further directives from the RBI on these transformative steps.


Tags: AIChatGPTDigital paymentsIndiaMPCNewsNPCIRBItechnologyUPI
Editiorial Team

Editiorial Team

Related Posts

Bank of England-FCA: Fortifying Financial Oversight
Banking

Bank of England-FCA: Fortifying Financial Oversight

28/11/2023
Governor Tiff Macklem Addresses the Impact of Inflation on Canadians
Digital Transformation

Singapore FinTech Festival 2023 Attracts Record 66,000 Participants 

27/11/2023
Governor Tiff Macklem Addresses the Impact of Inflation on Canadians
Government

Governor Tiff Macklem Addresses the Impact of Inflation on Canadians

23/11/2023
Next Post
First Bank Revolutionizes Retail Banking with NCR

First Bank Revolutionizes Retail Banking with NCR

Browse by Category

  • Articles
  • Banking
  • Digital Transformation
  • Fintech
  • Government
  • Insurance
  • Interview
  • Markets & Lending
  • News
  • Our Advisors
  • Payments
  • Singapore Fintech Festival 2023
  • Technology
  • Testimonials
  • Uncategorized

Copyright © Financial Technology Frontiers.

All rights reserved. Usage of content from website is subject to Terms and Conditions.

Follow us

CATEGORIES

  • Articles
  • Banking
  • Digital Transformation
  • Fintech
  • Government
  • Insurance
  • Interview
  • Markets & Lending
  • News
  • Our Advisors
  • Payments
  • Singapore Fintech Festival 2023
  • Technology
  • Testimonials
  • Uncategorized
  • About us
  • Terms of use
  • Privacy Policy

RECENT POSTS

  • Bank of England-FCA: Fortifying Financial Oversight
  • Singapore FinTech Festival 2023 Attracts Record 66,000 Participants 
  • Governor Tiff Macklem Addresses the Impact of Inflation on Canadians
No Result
View All Result
  • Home
  • Banking
  • Insurance
  • Tech
    • Fintech
    • Regtech
    • Insuretech
  • Markets & Lending
  • Advisors
  • Ecosystem
    • Government Regulators
    • Accelerators
    • Associations & Federations
  • About
    • Meet Our Team
  • Contact

© 2022 Fintech Frontiers - Premium news & magazine website by Jegtheme.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?