RBI governor announces 5 new payments solutions at Global Fintech Fest 2023

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The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (September 6) unveiled a suite of payments products developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023.

Credit Line on UPI

This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionise customer access to credit, fostering a more streamlined and digital banking ecosystem. With this, the process of availing credit lines will be expedited, driving economic growth and progress.

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UPI LITE X

Through this feature, users can now both send and receive money offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc.

UPI Tap & Pay

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In a move towards enhancing QR code and Near Field Communication technology adoption, the RBI governor also introduced UPI Tap & Pay. In addition to the conventional scan and pay method, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.

Hello! UPI — Conversational Payments on UPI

The introduction of conversational UPI payments will augment user experience by enabling them to make voice-enabled UPI payments via UPI apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages. Users can simply give voice commands to transfer funds and input a UPI PIN to complete the transaction.

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BillPay Connect — Conversational Bill Payments

With BillPay Connect, Bharat BillPay introduces a nationalised number for bill payments across India. Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app. Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call.

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