NPCI Introduces Innovative Payment Options on UPI Platform
- 08 Sep 2023
On 6th Sept, the National Payments Corporation of India (NPCI) has unveiled a range of new payment features on the United Payments Interface (UPI) platform, including conversational transactions.
Key Points:
- Inclusive Digital Ecosystem: The newly introduced services, including credit lines on UPI, UPI LITE X, Tap and Pay, Hello! UPI, and conversational bill payments, are designed to foster an inclusive, robust, and sustainable digital payments environment.
- BillPay Connect for Bill Payments: Bharat BillPay has introduced a nationalized bill payment number across India, allowing customers to conveniently fetch and pay their bills by simply sending a 'Hi' on messaging apps.
- Voice-Assisted Bill Payments: BillPay Connect offers a voice-assisted bill payment feature. Users can retrieve and settle bills through voice commands on their smart home devices, receiving instant voice confirmation.
- Credit Line on UPI: NPCI has launched a credit line on UPI to broaden access to credit and promote financial inclusion and innovation.
- This feature facilitates pre-sanctioned credit lines from banks through UPI, simplifying customer access to credit and promoting a streamlined digital banking ecosystem.
- Key Features of Credit Line on UPI: The credit line on UPI includes several essential features, such as linking pre-sanctioned credit lines, developing digital credit products, offering interest-free credit periods, defining schedule of charges, enabling customer engagement channels for credit sanction requests, and allowing the linking of various pre-sanctioned credit lines via UPI-enabled apps for transactions.
- Interoperability and Offline Transactions: To ensure seamless interoperability, all UPI apps, including those from banks and third-party providers, will be empowered to discover and link credit lines on UPI.
