UPI gets new features

By Parivesh Maheshwari

Digital payments have undergone a remarkable surge, revolutionising our transactional habits. The growing prevalence of mobile wallets, contactless cards, and online banking signifies a gradual shift away from traditional cash transactions. This transition is motivated by factors like speed, security, and accessibility, contributing to a global movement toward a cashless society and reshaping the future of financial dealings.

Several months ago, the Reserve Bank of India introduced three innovative features set to define the next phase of payments evolution through the Unified Payments Interface (UPI). These attributes include interactions with an artificial intelligence system to facilitate transactions through conversations.

The unveiling of these features aims to elevate the digital payment experience in the country. In an effort to enhance user convenience, the RBI proposed an increase in the per-transaction payment limit for UPI Lite in offline mode. Additionally, the central bank introduced Conversational Payments and Near Field Communication (NFC) technologies.

As artificial intelligence becomes increasingly embedded in the digital economy, conversational instructions have significant potential to enhance the user-friendliness and reach of UPI. This innovation plays a pivotal role in transforming India’s digital payments ecosystem, making transactions more seamless and accessible to a broader audience.