Shaktikanta Das, the Governor of the Reserve Bank of India, proposed a few new updates during the monetary policy committee on 10 August 2023. Reserve Bank of India has introduced three upgrades: the increment in the offline payment in the UPI Lite, AI-Powered conversational Payments, and offline Payment. This can be considered revolutionary for the online payment ecosystem in India.
AI Conversational Payments
Now you can make payments after having a conversation with AI; this plan is initiated by NPCI (National Payments Corporation of India) to bring decrement in the digital penetration of the country. Now, you can ask the AI to make payments for you because of the AI-powered system. There is not too much gig on this but it is anticipated that the upgrade will be multi-lingual and also it will function both on your smartphones and feature phone-based channels.
Offline UPI Payment
Another upgrade listed by the RBI is access to offline payments by using the NFC (Near-field communication) technology through UPI Lite. This will allow you to make transactions even when you have little or no internet. With this new feature, UPI Lite will become more accessible and convenient. You’ll be just a tap away from your payment with the least number of failed transactions. The users are expected to tap their smartphones on the PoS (Point-of-Sale) machine and they are done.
MPC stated, “To promote the use of UPI-Lite, it is proposed to facilitate offline transactions using NFC technology. This feature will not only enable retail digital payments in situations where internet or telecom connectivity is weak or not available, but it will also ensure speed, with minimal transaction decline.”
Increment in the Payment Lite Limit
The Reserve Bank of India has raised the limit of the payment Limit. Primarily let’s get a gist of what actually is UPI Lite. So, UPI lite is the simpler version of UPI Payments which was introduced by NPCI and RBI in 2022 with the idea of making small hassle-free transactions without getting involved in failed UPI payments. The entire plan was to the point because it eliminated the use of UPI PINs, two-factor authentication, and many such practices. Now, let’s come to the actual update, which is the increase in the limit of the offline UPI payment, which earlier was Rs. 200, changed to Rs. 500.
The above-mentioned are some of the new features that will be added by the Reserve Bank of India to the payment transaction mode to make it more convenient for the public. Some of them have already been implemented, and some of them will be implemented in the near future. If you come across any questions, please drop them in the comment below, and we’ll keep you updated on every tech information.
Aanchal is a family-oriented person who loves to spend time with her family. Her reserved demeanour allows her to reflect deeply on her thoughts and make well-thought-out decisions. She profoundly loves diplomatic studies and wishes to explore more about diverse cultures and languages worldwide. In her spare time, she reads or writes poetry prompts in her journal.