UPI transactions in India hit an all-time high of 10 billion in August. Now, the NPCI aims to scale up UPI transactions from the current figure. They aim to scale the figures from 10 billion to 100 billion per month. To do so, the National Payments Corporation of India (NPCI) has launched four new UPI features. Continue reading further and learn more about the four new UPI products.
What Are The New UPI Features?
Hon’ble RBI Governor, @DasShaktikanta launches key digital payment initiatives at GFF’23.
— NPCI (@NPCI_NPCI) September 6, 2023
The new UPI features are launched to boost the digital inclusivity of UPI. These new features include a credit line on UPI, UPI Lite X for offline payments, and a near-field communication-enabled tap and pay feature. The new launches came just a day following the NPCI chief Dilip Asbe said at the Fintech Festival 2023. He stated that UPI could scale almost ten times and reach a couple of billion transactions a day by 2030. The new four UPI features are Credit Line on UPI, UPI Lite X, UPI Tap and Pay, and Conversational Payments- Hello! UPI and BillPay Connect. Let’s learn about the features in detail.
1. Credit Line On UPI
This service will allow users to pay for transactions through credit by connecting pre-sanctioned digital credit lines from the banks. Moreover, the new feature’s payment flow will be the same as existing UPI transactions.
Moreover, this feature is expected to give a leg up to banks and financial institutions to provide credit to many customers directly. Further, the NPCI chief Abse said, “India’s credit market will grow tenfold by the end of this decade.” He added, “There is an opportunity to make credit available in real-time, and we are working on a service layer to empower customers to manage and use credit.”
2. UPI Lite X
This feature was launched for offline payments. The feature allows users to send and receive money even completely offline. This could be used in case of emergency, in flights, or even underground metro stations. This would be a valuable feature to complete the transactions without worrying about the internet connectivity.
3. Tap And Pay UPI Feature
This allows users to make near-field communications-based payments. Similar launches have been made by the rivals Pine Labs and Paytm of new variants of their point-of-sale devices. These allow merchants the acceptance of use-case.
4. Conversational Payments- Hello! UPI And BillPay Connect
This is the last feature in the list. The feature forayed into conversational payments with its UPI service launching Hello! UPI BillPay Connect. This allows users to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi or English.
The UPI services in India are trying their level best to provide users with the technologies possible. What do you think about the topic discussed above? Please let us know your thoughts in the comment section below. We are waiting for your reply. Stay tuned for further updates.