NPCI Launches - Credit line On UPI, UPI Lite X, Tap & Pay & Hello UPI

In a significant move to promote digital payments in India, the National Payments Corporation of India (NPCI) unveiled a Range of new payment options on the popular UPI payment platform during the Global Fintech Fest 2023. These announcements were delivered by Reserve Bank of India (RBI) Governor Shaktikanta Das during the ongoing Global Fintech Festival. The key products introduced include Credit Line on UPI, UPI LITE X, Tap & Pay, and Hello! UPI – Conversational Payments on UPI, as well as BillPay Connect.

The products are designed to foster an inclusive, robust, and sustainable digital payments ecosystem, to help UPI reach the milestone of 100 billion monthly transactions, as stated by NPCI. In this post, let's navigate through everything new launched by NPCI to make the UPI-using experience more convenient and comfortable.

What's New With UPI?

Listed below are the new features of UPI that were announced lately by NPCI:

Credit Line on UPI

To enhance credit accessibility, drive Financial Inclusion, and encourage innovation, the RBI Governor introduced the Credit Line on UPI. This innovative Offering facilitates the availability of pre-approved credit lines from banks through UPI, marking a significant transformation in how customers can access credit. This advancement will contribute to developing a more efficient and digitised banking ecosystem. This initiative encompasses several noteworthy features, including the integration of pre-approved credit lines, the development of digital credit products by banks, the introduction of interest-free credit periods along with corresponding interest rates, a clear schedule of charges, customer engagement channels for credit approval requests, and the ability to connect different pre-approved credit lines through UPI-enabled applications for transactions.

UPI LITE X

Expanding upon the achievements of the UPI LITE feature, the RBI Governor has introduced UPI LITE X, a groundbreaking solution for offline payments. With this functionality, users can initiate both sending and receiving money even when they are entirely offline. This means that transactions can be conducted in areas with limited connectivity, such as underground stations or remote regions. UPI LITE X is accessible to anyone using a compatible device with Near Field Communication (NFC) capabilities. Notably, UPI LITE payments offer quicker transaction processing than other payment methods.

Tap & Pay

QR codes have seamlessly integrated into the UPI payments ecosystem, playing a pivotal role in facilitating digital transactions. In a significant stride toward improving QR code and Near Field Communication adoption, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments, in addition to the conventional Scan and Pay method.

Conversational Payments: Hello! UPI

With this product, NPCI empowers users to effortlessly initiate fund transfers through voice commands and finalise the transaction by entering their UPI PIN. In pursuit of this project, NPCI has joined forces with the Bhashini program – AI4Bharat at IIT Madras to collaboratively develop payment language models in both Hindi and English. The Incorporation of conversational UPI payments is meant to enhance the user experience significantly, allowing them to engage in voice-enabled UPI transactions using UPI Apps, telephone calls, and Internet of Things (IoT) devices, initially available in Hindi and English, and soon to expand to various other regional languages, as stated by NPCI during the launch event.

Hello UPI will empower users to engage in conversations with their smartphones to carry out various transactions, such as splitting restaurant bills, sending money to friends, or settling utility payments.

BillPay Connect – Conversational Bill Payments

Through BillPay Connect, Bharat BillPay introduces a unified bill payment number for the entire nation, enabling customers across India to conveniently retrieve and settle their bills with a straightforward 'Hi' sent through a messaging app. Furthermore, individuals without smartphones or immediate access to mobile data can make bill payments by initiating a missed Call. Upon doing so, customers will promptly receive a callback for verification and payment authorisation. Additionally, BillPay Connect offers a Voice Assisted Bill Payments feature, allowing customers to retrieve and settle bills using voice commands on their smart home devices and receive immediate voice confirmation.

Wrapping Up

The introduction of these groundbreaking features by NPCI represents a major advancement in India's digital payment arena. These innovations not only improve accessibility but also redefine convenience, rendering digital transactions more user-centric. Through inventive services like voice-enabled payments and simplified credit access, NPCI remains at the forefront of driving technological progress in India. The path towards a digitally empowered India takes a significant leap forward by introducing these transformative UPI features.