RBI Governor

RBI Governor launches Credit Line on UPI, other digital payment initiatives at Global Fintech Fest 2023

Reserve Bank of India RBI Governor Shaktikanta Das announced a suite of new product offerings developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023 on September 6th. These innovative products are designed to create an inclusive, resilient, and sustainable digital payments ecosystem, aligning with the vision outlined by the RBI in its recent monetary policy announcements. Let’s delve into the details of these groundbreaking offerings:

1. Credit Line on UPI:

Promoting Financial Inclusion and Innovation: The Credit Line on UPI is geared towards expanding access to credit and fostering financial inclusion and innovation.

Streamlined Digital Banking: This product facilitates pre-sanctioned credit lines from banks through the Unified Payments Interface (UPI), revolutionizing customer access to credit and streamlining the digital banking ecosystem.

Accelerated Availing Process: It expedites the process of availing credit by providing a seamless experience for users.

Conversational UPI Payments: The introduction of conversational UPI payments enhances the user experience, enabling voice-enabled UPI payments via UPI Apps, telecom calls, and Internet of Things (IoT) devices. Initially available in Hindi and English, it will soon support several other regional languages, making payments more accessible to users across India.

Voice Commands: Users can simply use voice commands to initiate fund transfers and then input their UPI Personal Identification Number (PIN) to complete the transaction.

Regional Language Support: NPCI has collaborated with the Bhashini program – AI4Bharat at IIT Madras, to co-develop payment language models in Hindi and English.

2. BillPay Connect – Conversational Bill Payments:

Nationalized Bill Payments: BillPay Connect, a product from Bharat BillPay, introduces a nationalized number for bill payments across India.

Convenient Payment Process: Customers can now effortlessly fetch and pay their bills by sending a simple ‘Hi’ on their messaging app.

Accessibility for All: This offering caters to customers without smartphones or immediate mobile data access, allowing them to pay bills by providing a missed call. After the missed call, customers receive an immediate call back for verification and payment authorization.

Voice-Assisted Bill Payments: BillPay Connect offers a Voice Assisted Bill Payments facility, enabling customers to fetch and pay bills through voice commands on their smart home devices, accompanied by instant voice confirmation.

Security and Assurance: Instant voice confirmations will also be available for bill payments made at physical collection centers through payment soundbox devices. This development aims to enhance security and provide reassurance to both customers and collection centers.

These pioneering products signify the evolution of India’s digital payments landscape, offering new avenues for accessing credit and simplifying the bill payment process. They are poised to empower users across the country, transcending language barriers and technological limitations, and ensuring that financial services are accessible to all. These innovations align with the RBI’s commitment to promoting financial inclusion and fostering innovation in the Indian financial sector.