NPCI Introduces Innovative Digital Payment Products for Inclusive Ecosystem

September 7, 2023

The National Payments Corporation of India (NPCI) has introduced a suite of groundbreaking digital payment products, unveiling them during the Global Fintech Fest 2023 in Mumbai. This initiative, attended by distinguished figures including RBI Governor Shaktikanta Das, Nandan Nilekani, and Biswamohan Mahapatra, is aimed at nurturing an inclusive, resilient, and sustainable digital payments ecosystem.

Credit Line on UPI

The “Credit Line on UPI” is a game-changer, offering pre-sanctioned credit lines via the Unified Payments Interface (UPI). This innovation grants users instant access to credit, significantly expanding financial inclusivity. It caters to those without traditional banking access, empowering them to meet immediate financial needs and engage in seamless digital transactions, ultimately propelling the shift toward a cashless economy.

UPI LITE X

“UPI LITE X” emerges as a digital payment solution designed for offline transactions, ensuring users can make payments even when internet connectivity is limited. This feature enhances the resilience of the digital payment landscape, particularly in regions prone to connectivity issues or during network disruptions. Users can continue to transact conveniently under various circumstances, fostering uninterrupted access to digital payments.

UPI Tap & Pay

UPI Tap & Pay” revolutionizes the digital payment experience by advocating the use of QR Code and Near Field Communication (NFC) technology. With a simple tap on NFC-enabled QR codes at merchant locations, users can swiftly and securely complete payments. This technology streamlines the payment process, enhances user convenience, and ensures contactless and secure transactions, making it a valuable addition to the digital payment ecosystem.

Hello! UPI – Conversational Payments on UPI

“Hello! UPI – Conversational Payments on UPI” introduces voice-enabled UPI payments in Hindi and English, with plans for regional language support. This groundbreaking feature empowers users to conduct payments through UPI apps, telecom calls, and IoT devices using voice commands. By leveraging voice technology, this innovation enhances accessibility and convenience, particularly for users who may not be comfortable with traditional text-based digital payments.

BillPay Connect

“BillPay Connect – Conversational Bill Payments” simplifies bill payment processes, enabling customers to initiate payments with a simple ‘Hi’ on messaging apps or through missed calls. This approach caters to users without smartphones or immediate mobile data access, ensuring a broader population can participate in the digital payment ecosystem. Furthermore, Voice Assisted Bill Payments allow customers to settle bills through voice commands on smart home devices, further enhancing convenience. This feature enhances both the security and convenience of in-person bill payments.

« Previous Post Next Post »