RBI announced 3 new features for UPI

The Reserve Bank of India has announced three new features that have the potential to usher in the next era of the payments revolution through the Unified Payments Interface (UPI), including transactions through a conversation with an artificial intelligence system.

The announcement has been made by RBI governor Shaktikanta Das during RBI’s MPC’s bi-monthly policy review.

Conversational Payments on UPI:

The RBI governor put forward a proposal to launch conversational payments on UPI for enabling users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment.

This new feature is going to be availed on both smartphones and feature phones-based UPI channels. The facility is planned to be in Hindi and English at initial stage and subsequently in more Indian languages.

Raised limit for UPI Lite:

The RBI has lifted the transaction limit of UPI Lite to Rs 500 from Rs 200.

What is UPI Lite?

• UPI Lite has been launched by the National Payments Corporation of India (NPCI) in September 2022. The UPI Lite renders quick small-value transactions by optimise processing resources for banks, thereby reducing transaction failures.
• UPI Lite grants its users to process transactions of up to Rs 200 a day without entering a pin code.
• UPI Lite is currently live on Paytm, BHIM App, GooglePay and other payments apps.
• Banks like State Bank of India, Canara bank and many more have also gone live for UPI Lite.

Benefits of UPI Lite:

• The RBI has also made a plan to introduce offline payments using Near Field Communication (NFC) technology for promoting UPI Lite.
• This feature might be enabled retail digital payments if internet or telecom connectivity is weak or unavailable.
• It will also guarantee speed with minimal transaction declines.

Question & Answer:

Q1. The Reserve Bank of India launched how many new features for revolution of UPI?

Ans. Three

Q2. What is the new transaction limit for UPI Lite users a day?

Ans. Rs. 500

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