NPCI launched new UPI features

NPCI launched new UPI features

National Payments Corporation of India (NPCI) has recently launched innovative products to catapult the payments giant Unified Payments Interface (UPI) to achieve 100 billion transactions a month. These products include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X.

In August month UPI has achieved the milestone of processing 10 billion transactions. After achieving the millstone of 10 billion transactions, this non-profit organisation also increased its target from 30 billion transactions a month to 100 billion on the back of these new features.

Launching event:

The new products have been launched were launched at the Global Fintech Fest in Mumbai in presence of Governor of Reserve Bank of India (RBI) Shaktikanta Das and Nandan Nilekani, co-founder and non-executive chairman of Infosys.

Significance of NPCI:

NPCI is the crown jewel of India’s technology sector currently.

It has changed the India from an offline informal low productivity economy to a online formal high productivity economy. This could be happened with millions of people who have joined society, get digital ids, bank accounts, mobile solutions and use digital capital to get credit.

In the next 20 years, we will see huge formalization of India.

RBI Governor Das stated that, the success of UPI has scaled up in relatively a short period of time. Recently it has registered around more than 10 billion transactions worth for over Rs. 15 trillion in August 2023.

The feature of credit on UPI:

Now user can avail the credit by scanning the QR code through UPI-linked app for buying the product. It’s live with a few public sector and private sector banks at the moment. Payment apps it’s live on include Bhim, Paytm, Payzapp and GPay.

Hello- UPI feature: Hello UPI feature is the conversational payment mode which can understand language and silence and then convert text into numbers and text to speech.

The featured phone users get an upgrade with UPI Lite X. This facility will allow user to do peer-to-peer transactions without active network or internet, if they are near-field communication (NFC) enabled.

UPI Tap & Pay feature:

UPI Tap & Pay is considered to be the most interesting feature. It has tiny cards which have near-field communication (NFC) chips within which get linked to the user’s unique QR code and UPI id.

These cards can be generated at the nearest partner bank through contactless UPI card generating kiosk.

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