RBI's Strategic Announcements Set to Transform UPI and UPI Lite Landscape
The Reserve Bank of India (RBI) has recently unveiled a trio of groundbreaking initiatives poised to revolutionize the digital payments landscape in India through the Unified Payments Interface (UPI) and UPI Lite. These initiatives were announced by Governor Shaktikanta Das during the RBI’s bi-monthly policy review, emphasizing their potential to usher in a new era of the payments revolution.
In a move to enhance the ease and reach of UPI, the RBI has unveiled plans to introduce Conversational Payments on the platform. This innovative feature empowers users to engage in transactions by conversing with an AI-powered system, ensuring safety and security throughout the process.
Enhancing Accessibility: The integration of AI-driven conversational instructions is set to make UPI more user-friendly, thereby reducing barriers to adoption, particularly among senior citizens and people with disabilities.
Multilingual Support: Initially available in Hindi and English, the Conversational Payments feature will subsequently extend to encompass various Indian languages, catering to the linguistic diversity of the nation.
Acknowledging the evolving needs of users, the RBI has raised the transaction limit for UPI Lite from Rs 200 to Rs 500, aiming to facilitate more substantial and convenient transactions.
Optimized Processing: UPI Lite, launched by the National Payments Corporation of India (NPCI), allows swift small-value transactions by streamlining processing resources for banks. This optimization minimizes transaction failures and enhances overall efficiency.
In a move to bolster the adoption of UPI Lite, the RBI is introducing offline payments using Near Field Communication (NFC) technology. This pioneering approach not only enables retail digital payments in scenarios of weak or absent internet connectivity but also guarantees speed and minimal transaction declines.
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