Recently, RBI governor Shaktikanta Das announced new features for UPI at the Monetary Policy Committee (MPC) meeting. These features include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X.
- Credit Line on UPI: This feature will widen access to credit. Customers will be able to avail pre-sanctioned credit lines from banks via UPI. Credit Line on UPI is expected to make the process of availing and utilising credit lines for faster transaction.
- ‘UPI Lite X’ is for offline payments. Users can both send and receive money offline through any compatible device that supports Near Field Communication (NFC).
- ‘UPI Tap & Pay’: It will allow customers to tap NFC-enabled QR codes to make payments at merchant locations.
- ‘Hello! UPI’: This new feature for conversational payments on UPI will facilitate voice-enabled payments via UPI applications, telephone calls and IoT devices. Users can give voice commands to transfer funds and input UPI PIN to complete the transaction.
- ‘BillPay Connect’; This feature for conversational bill payments has been introduced by NPCI’s subsidiary Bharat BillPay which will create a nationalsed number for bill payments across India and enable users to fetch and pay their bills by sending a ‘Hi’ on the messaging application.
