UPI gets a major makeover, now integrated with AI to support conversational payments
UPI is getting a major makeover and will start supporting a bunch of cool features, very soon. The most significant among these is its integration with a ChatGPT like AI bot, that will allow users to make conversational payments using UPI
UPI is getting a major makeover and will start supporting a bunch of cool features, very soon. The most significant among these is its integration with a ChatGPT like AI bot, that will allow users to make conversational payments using UPI
The Unified Payments Interface (UPI) has undeniably streamlined payment procedures, yet the pursuit of refining processes continues. Presently, the method entails scanning QR codes and entering a PIN for each transaction. However, the Reserve Bank of India (RBI) is embracing the use of artificial intelligence (AI) to further enhance the convenience of payments through conversational UPI.
During a recent meeting of the Monetary Policy Committee (MPC), RBI’s Governor Shaktikanta Das unveiled significant announcements concerning UPI. The central bank convened its third bi-monthly monetary policy meeting for FY24, revealing the committee’s decisions.
A noteworthy revelation is that UPI is poised for a transformation through the integration of artificial intelligence. The RBI’s objective is to infuse greater engagement into UPI transactions by introducing conversational payments. This innovative approach will empower users to interact with AI-powered systems to seamlessly conduct payments.
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“Incorporating conversational payments into UPI will empower users to interact with AI systems for executing payments,” RBI Governor explained during the meeting.
The driving force behind this initiative is to harness emerging technologies in order to elevate the digital payment experience for users.
This functionality is designed to operate on both smartphones and feature phones, thereby contributing to the expansion of digital adoption throughout the nation, as highlighted by Das. In its initial phase, it will be accessible in Hindi and English, followed by the inclusion of additional Indian languages. The NPCI is set to receive directives from the RBI in the near future.
While exact details on how conversational payments will work were not shared, it’s likely that NPCI will likely push for the inclusion of an AI chatbot like ChatGPT to help users with payments.
In addition to these developments, Das also unveiled plans for offline UPI payments through the utilization of near-field communication (NFC) technology via UPI Lite. This innovation is set to simplify payments, as users will merely need to tap their smartphones onto point-of-sale (PoS) machines.
“To encourage the adoption of UPI-Lite, we are proposing to enable offline transactions using NFC technology. This feature will not only facilitate retail digital payments in scenarios where internet or telecom connectivity is poor or unavailable, but it will also ensure swiftness, minimizing transaction rejections,” stated the MPC communication.
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