Now, you will be able to pay via Unified Payment Interfaceor UPI using your voice. The NPCI on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions - Hello! UPI.
Along with Hello! UPI, NPCI has introduced new applications like Credit Line on UPI, UPI LITE X, and Tap & Pay.
In a press release NPCI mentioned that Hello!-UPI will allow users to make voice-enabled payment via UPI apps, telecom calls, and Internet of Things (IoT) devices. The user can simply speak to the AI-powered solutions to make a transaction.
It will be available through two modes — on-call (through a voice call) and in-app (through any UPI app), as per a partner whitepaper named 'Conversational Payments on UPI: Unlocking New Frontiers for Next-generation Payments' available on the NPCI website. The on-call feature will allow users to dial a number where the user will be greeted and guided through IVR to complete the payment process. The in-app facility will allow users to use their voice inputs on any UPI app to conduct a payment.
To expand access to credit, promote financial inclusion and innovation, NPCI has rolled out credit line on UPI.
This will enable pre-sanctioned credit lines from banks via UPI and will revolutionise customer access to credit, fostering a more streamlined and digital banking ecosystem, NPCI said.
The initiative has several key features, including linking pre-sanctioned credit lines, creation of digital credit products by banks, establishment of interest-free credit periods and corresponding interest rates, defined schedule of charges, customer engagement channels for credit sanction requests, and the ability to link various pre-sanctioned credit lines via UPI-enabled apps for transactions.
To ensure seamless interoperability, all UPI apps, including bank and third-party ones, will be empowered to discover and link credit lines on UPI.
Through this feature, users can send and receive money, while being offline, allowing users to execute transactions even in areas with poor connectivity.
UPI LITE X will be accessible to anyone with a compatible device that supports Near Field Communication (NFC), offering payments faster than other payment methods, as they require less time to process the transaction.
In addition to the conventional scan-and-pay method, users will now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.