Digital India: RBI governor announces 5 new payments solutions

The Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled five payments solutions developed by the National Payments Corporation of India (NPCI) at the Global Fintech Fest 2023 on September 6.

These innovative payments solutions are aimed at enhancing inclusive, resilient and sustainable digital payments ecosystem.

National Payments Corporation of India (NPCI) is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) to enable building a robust payments and settlement system in the country.

Below is the list of five innovative payments solutions:

1. Credit Line on UPI: This solution will improvise credit facility from banks via UPI. With this solution, customers will have easy access to credit streamlining digital banking ecosystem.
2. UPI LITE X: This feature will enhance offline UPI transactions. With this feature, users will be able to send and receive money offline. This solution will be very helpful in areas like underground stations and remote areas where there is poor internet connectivity.
3. UPI Tap & Pay: This feature enables users to simply tap NFC-enabled QR codes at merchant locations to complete their payments.
4. Hello! UPI—Conversational Payments on UPI: This solution enables users to make voice-enabled UPI payments via UPI apps, telecom calls, and IoT devices in Hindi and English languages. Users just need to give voice commands to initiate funds tranfers and enter a UPI PIN to complete the transaction. Soon this solution will alos be available in other regional languages.
5. BillPay Connect— Conversational Bill Payments: This solution enables customers without smartphones or immediate mobile data access can pay bills by just giving a missed call. With this feature, a nationalised number for bill payments will be introduced through which customers can easily fetch their utility bill details and pay them by simply sending ‘Hi’ on the messaging app.