NPCI Introduce Hello! UPI the Voice Assistant for Seamless Transactions
The Unified Payment Interface (UPI) is a popular mode of payment for digital transactions. It is always getting updated with new features to make it more user-friendly. The National Payments Corporation of India (NPCI) has introduced several new payment methods including conversational transactions.
Governor of the Reserve Bank of India, Shakti Kanta Das announced the introduction of the NPCI products at the Global Fintech Festival. A product that has been unveiled is called Hello! UPI, which enables customers to conduct voice-enabled UPI payments using applications, phone calls, and IoT devices in English and Hindi. It will also be made available in regional languages. Thus, these types of steps create a positive influence on the global voice assistant market. In addition, according to a research report published by Astute Analytica the Global Voice Assistant Market is expected to grow at a CAGR of 26.45% during the forecast period from 2023 to 2031.
Customers will be able to access their pre-approved credit from banks via UPI with the help of a credit line on the UPI facility. LITE X product allows users to receive and send money.
Scanning QR codes is also introducing the Pay and Tap feature. According to reports, users will be able to tap QR codes that support Near Field Communication (NFC) to complete payments.
The Credit Line on UPI will facilitate access to credit and encourage financial innovation and inclusion. Customers will get access to pre-approved credit lines from banks via UPI.
NPCI also introduced Bharat BillPay Connect which is a nationalised number for bill payment across India by BillPay Connect. Simply texting "Hi" on the messaging app allows users to instantly retrieve their bills and make payments. Customers who don't have a smartphone or immediate access to the internet will still be able to pay their bills by giving a missed call.
Users will get a call back for payment authorization and verification. BillPay Connect provides a voice-assisted payment facility. Customers can use voice commands to pay their bills and receive immediate confirmation of the transaction. Voice confirmation is also offered for bill payment at physical collection canters via soundbox devices.
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