UPI India launches 4 new features www.deekpay.com

National Payments Corporation of India (NPCI) launched 4 new UPI features on 6 September 2023 One week ago.UPI10 billion transactions per month. These products are expected to help UPI achieve 100 billion transactions per month instead of the 30 billion transactions per month it had previously set.

UPI Line of Credit

Lines of Credit on UPI is a new feature of UPI that will enhance credit accessibility, promote inclusiveness and increase transaction value. The product requires banks to provide the following actionable information:

Connecting approved credit lines: Banks can connect their pre-approved credit lines to UPI, enabling customers to utilise them for payments. Hassle-free interoperability: all UPI applications, including banks and third-party applications, will be able to discover and connect to lines of credit on UPI. Credit Product Launch: Banks can develop digital credit products suitable for UPI use. Interest Grace Period: Banks can provide interest grace period for UPI transactions to make credit more affordable for customers. Transparent fee structure: banks must developUPI Tradingof the fee schedule to ensure customer transparency. Customer engagement channels: banks must provide channels to facilitate customer interaction when applying for credit approval to ensure a smooth process. How to use credit on UPI Scan the QR code of the product you want to buy using the app linked to UPI Select the bank you have a line of credit with from the options provided in the UPI app. The amount you borrow will depend on your credit limit. Select your credit limit option. There are a number of public and private banks that offer credit lines.Popular payment apps like Bhim, Paytm, Payzapp and GPay offer credit lines.

Hello UPI

Hello UPI is a dialogueUPI paymentsoption that will make payments easier for people who use the voice feature. This new UPI feature will be available through UPI apps, phones and IoT devices in Hindi and English. There are also plans to include regional languages in the future.

This feature will enhance the ease of payment for individuals who may not feel comfortable with transactions or are not fluent in English. It particularly benefits citizens and individuals who may not be technologically savvy.

To make a payment through Hello UPI, you must give a voice command to initiate a funds transfer. You must then enter their UPI PIN to complete the transaction.

The National Payments Corporation of India (NPCI) has partnered with the Bhashini programme. AI4 Bharat of IIT Madras is responsible for developing Hindi and English language models designed for payment purposes.

UPI Lite X

UPI LITE X will enable users to send and receive funds without an Internet connection. This is a new UPI feature that is an improvement on the existing UP ILITE feature, which relies on an Internet connection.

Near Field Communication (NFC) technology will be used to facilitate UPI LITE X transactions. When two NFC-enabled devices are in close proximity, they can exchange information. This information includes the sender's and recipient'sUPI ID and the monetary value transferred.

UPI LITE X will use NFC to initiate payments. Settlement will take place when the payer's or payee's phone is connected to the network. This will help users in areas with poor network connectivity (e.g. metro stations, remote areas, etc.).

UPI Touch Payment

UPI Tap & Pay will enable users to make payments by tapping their mobile phone to a contactless card reader. The feature will use a microcard with an NFC chip that will be linked to the user's unique QR code and UPI ID.

summaries

The RBI has long been actively encouraging the adoption ofdigital payment.RBIIn the Monetary Policy Statement 2023-24, it has expressed its commitment to further facilitate digital payments by developing innovative payment products and services and enhancing the security of the payment infrastructure.The introduction of these new UPI features by NPCI fits perfectly with this objective. It marks a major step towards building an inclusive and sustainable digital payments ecosystem in India.