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At the Monetary Policy Committee (MPC) meeting on Thursday, RBI Governor Shaktikanta Das unveiled a number of new features for UPI. You should be enlightened of the following.
India’s preferred digital payment mechanism, UPI, is receiving a significant update with a number of new features. Conversational Payments, a novel method of making payments by respective with AI-powered systems, is the most prominent of them.
Though there is more. At Thursday’s Monetary Policy Committee (MPC) meeting, RBI governor Shaktikanta Das moreover unveiled remoter new UPI features. This is a summary.
In order to modernize digital payments, NPCI wants to launch “Conversational Payments” on UPI, which will let users have conversations with AI-powered systems while making payments in a unscratched and secure setting.
According to Das, this sufficiency will operate on both full-length phones and smartphones, boosting the country’s adoption of digital technology. It will initially be made misogynist in Hindi and English, followed by spare Indian languages. RBI will soon communicate instructions to NPCI.
NPCI is likely to printing for the wing of an AI chatbot like ChatGPT to squire consumers with payments, plane if specifics on how conversational payments will operate were not disclosed.
Das said that this sufficiency will work on both smartphones and full-length phones, hence increasing digital penetration in the country. It will initially be offered in Hindi and English, followed by spare Indian languages. The RBI will issue directions to NPCI shortly.
While no specifics on how conversational payments will operate were provided, it is probable that NPCI will well-wisher for the wing of an AI chatbot like ChatGPT to squire consumers with payments.
There have been calls to increase these limitations. “It is now proposed to increase the per transaction limit to Rs 500 to encourage wider adoption of this mode of payment and bring in increasingly use cases,” Das added.
To mitigate the dangers associated with relaxing two-factor authentication, the overall maximum remains at Rs 2,000. The RBI will provide directions on this as well, he said.
NFC-based offline UPI payments
Das has moreover spoken offline UPI payments using UPI Lite, which use near-field liaison (NFC) technology. Users will be worldly-wise to make payments increasingly hands considering they will simply need to tap their smartphone on the point-of-sale (PoS) system.
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The post RBI Announces New UPI features Chat with AI, NFC Support & More appeared first on Appsinvo Blog.