Digital payment:UPI new features
UPI, India’s homegrown real-time payment system, has witnessed unprecedented growth since its inception. With a monthly transaction volume exceeding 100 billion, it has become an integral part of the country’s digital economy. To sustain this momentum, the National Payments Corporation of India (NPCI) has introduced several innovative features.
UPI Lite X: Offline Transactions Made Possible
One of the most significant advancements is UPI Lite X. This feature empowers users to conduct peer-to-peer transactions without an active internet connection. Leveraging Near Field Communication (NFC) technology, two NFC-enabled devices can exchange information, including UPI IDs and transaction amounts. The actual transfer occurs when either device reconnects to a network. This breakthrough is particularly beneficial in areas with poor network connectivity, enhancing financial inclusion.
Conversational Payments: The Future of Voice Commerce
The integration of conversational AI into UPI has opened new avenues for payments. Users can now initiate transactions through voice commands on UPI apps, telecom services, and IoT devices. This feature supports both English and Hindi, demonstrating a commitment to linguistic diversity. By understanding speech patterns and converting them into numerical values, the system offers a seamless and intuitive payment experience.
Credit Line on UPI: Expanding Financial Access
To address the credit needs of the burgeoning digital economy, credit lines have been introduced on the UPI platform. Similar to Buy Now Pay Later (BNPL) products, this feature allows users to utilize pre-approved credit limits for transactions. Banks can seamlessly integrate their credit lines with UPI, providing customers with greater flexibility and purchasing power.
Delegated Payments: Empowering Multiple Users
UPI has evolved to accommodate shared finances with the introduction of delegated payments. Primary account holders can now authorize secondary users to make transactions up to specified limits. This feature is particularly useful for families, businesses, and elderly individuals, enhancing accessibility and convenience.
The Road Ahead: A Continuously Evolving Ecosystem
These new features represent a significant step forward for UPI, but the journey is far from over. The NPCI is committed to further enhancing the platform, with potential developments including UPI-ATM for cash withdrawals and interoperability with payment wallets.
As UPI continues to expand its reach and capabilities, it is poised to revolutionize the way India transacts. With a focus on innovation, financial inclusion, and user experience, UPI is set to remain at the forefront of the digital payments landscape.
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