3 RBI announcements for UPI: UPI Lite payment limit hiked to Rs 500; Conversational payments and more
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3 measures for UPI
The Reserve Bank of India (RBI) on August 10 announced three new features that could be the game changer for Unified Payments Interface (UPI) in India. While sharing the outcome of the RBI bi-monthly monetary policy committee, RBI Governor Shaktikanta Das announce these three measures.
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Conversational payments on UPI
Das has proposed to launch Conversational Payments on UPI, enabling users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment.
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For both smartphones and feature phones
The feature will be available on both smartphones and feature phones-based UPI channels. The facility will initially be available in Hindi and English and subsequently in more Indian languages.
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UPI Lite limit raised
The RBI has increased the transaction limit of UPI Lite to Rs 500 from Rs 200. UPI Lite is available on Paytm, BHIM App, GooglePay, and other payment apps. Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank are already live on the UPI Lite board.
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Near Field Communication (NFC) technology for UPI Lite
To promote the use of UPI-Lite, RBI is proposed to facilitate offline transactions using Near Field Communication (NFC) technology. This feature will not only enable retail digital payments in situations where internet/telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines. Instructions to NPCI will be issued shortly.