RBI UPI : The Reserve Bank of India (RBI) has introduced several new changes to make the UPI payment system more modern and user-friendly. UPI payments will now be possible from devices like smartwatches or cars. The primary objective of this initiative is to make digital transactions easier for the general public.
The RBI is leveraging AI (Artificial Intelligence) and IoT technologies. The AI-based voice authentication system will now allow payments in more than 28 Indian languages, boosting digital payments among non-English speaking users and in rural areas. This is an AI-based system designed to manage problems and mandates for UPI transactions. The RBI team developed it in-house.
Currently, it's available only in English, but will soon be available in Hindi and other Indian languages. It allows you to check the status of your transaction, file a complaint, or view its status. The system guides you step-by-step on what to do next. This will also help banks resolve complaints more quickly, saving time for you and the bank.
There's no need to pull out your phone to fill up on gas or charge your EV. IoT payments, or the Internet of Things, allow you to make payments directly from your connected car, smartwatch, smartglasses, or smart TV. This is a completely smooth and seamless payment system. This feature is a major step forward for the smart payments of the future.
Banking Connect is a new feature developed by NPCI Bharat BillPay Limited (NBBL). It aims to simplify internet and mobile banking for users by integrating them. It's part of RBI's 'Payments Vision 2025,' which aims to make e-payments for everyone, everywhere, and at all times. It will simplify and speed up settlements and problem-solving between banks, payment aggregators, and merchants. Users will also benefit from convenient features like scanning QR codes for payments and Pay via App.
UPI Reserve Pay is ideal for those who make frequent online payments, such as e-commerce shopping, food orders, or cab bookings. There's no need to enter card details or OTPs every time. This feature provides a smooth and secure UPI experience across all major apps and platforms. Users can check their blocked and used credit in one place, regardless of the merchant app or UPI app they use. This makes payments completely controllable and easy to track. These four RBI initiatives are taking India's digital payment system to the next level, where every payment will be easy, fast, and secure.