Short Article

01-11-2023 | 17:50 PM

NEW PAYMENT OPTIONS BY NPCI

The Reserve Bank of India (RBI) has announced the launch of the products by the National Payments Corporation of India (NPCI) at the Global Fintech Festival.

Key Highlights: 

Products Launched:

• Credit Line on UPI: This product enables customers to access pre-sanctioned credit lines from banks through UPI, promoting financial inclusion and innovation.
• UPI LITE X: Under this, users can now both send and receive money offline even in areas with poor connectivity. UPI LITE payments are faster and require less processing time.
• UPI Tap & Pay facility: Alongside traditional scan and pay, it lets customers to simply tap Near Field Communication (NFC)-enabled QR codes at merchant locations for swift payments.
• Hello! UPI-Conversational Payments on UPI: It will enable users to make voice-enabled UPI payments via apps, telecom calls, and IoT devices in Hindi and English, with more regional languages to come.
• BillPay Connect- Conversational Bill Payments: Bharat Bill pay has introduced a nationalized number for Bill Payments. With this, Customers can fetch and pay their bills by sending a simple message or by giving a missed call, even without smartphones or mobile data access. Voice Assisted Bill Payments facility is also available.