RBI Governor Unveils 5 New Payment Solutions at Global FinTech Fest 2023

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI) made a significant announcement at the Global FinTech Fest 2023 in which he unveiled a suite of innovative payment solutions developed by the National Payments Corporation of India (NPCI). NPCI has been playing a vital role in transforming the Indian digital payments landscape across the country.

These newly introduced payment solutions will accelerate credit accessibility and drive the growth of offline payments in the digital sphere.

What are the payment solutions introduced in Global Fintech Fest?

The five new payment solutions introduced by Governor Shaktikanta Das during the fest include

• Credit Line on UPI

The Credit Line on UPI will transform the way customers access to credit by enabling pre-sanctioned credit lines from banks through UPI (Unified Payment Interface). The process is committed to streamlining the credit application process fostering a more efficient and digital banking ecosystem.

• UPI Lite X

UPI Lite X is an offline payment system for all with which users can send and receive money even in areas with poor connectivity. This advancement will ensure that transactions can be initiated and completed without any hassle.

• UPI Tap and Pay

This payment solution is aimed at boosting the adoption of QR code and Near Field Communication (NFC)technology. Users will be able to make payments conveniently by tapping NFC-enabled QR codes. The process will provide a faster and more seamless payment experience.

• Hello! UPI

Hello! UPI is a conversational payment system on UPI. This will allow voice-enabled transactions. The arrival of this conversational UPI payment will enhance the user experience by enabling voice-activated UPI payments in Hindi and English, with a further plan to expand in other regional languages.

• BillPay Connect

BillPay Connect is a payment method introduced by Bharat BillPay which brings forth a nationalized number for bill payments across India. Customers can simply fetch and pay their bills by sending a 'Hi' on their messaging app. Additionally, those without smartphones or immediate mobile data access can conveniently settle their bills by making a missed call.

Conclusion

The introduction of these payment solutions is expected to have a profound impact on India's digital financial landscape.These innovative solutions align with the vision of creating a more inclusive, resilient, and sustainable digital payments ecosystem in India. The NPCI as an umbrella organization for retained payments and settlements in the country continues to drive India's digital payments revolution with the support of the Reserve Bank of India (RBI) and the Indian Bank's Assocation (IBA).