RBI on UPI Payment RBI has announced the launch of Key Conversation Payment service. This is a new feature of UPI. This feature can be used in both smartphones and feature phones. In this feature, Artificial Intelligence used for UPI payment will be added. Know about it in this report.
UPI Voice payment facility: You may soon be free from entering your PIN repeatedly on your smartphone while making UPI payments. Actually, RBI is going to link UPI with Artificial Intelligence (AI). With its help, you will be able to make UPI payments anywhere by speaking.
Giving information about the decisions of the Monetary Policy Committee (MPC) on Thursday this week, RBI Governor Shaktikanta Das had told that a proposal is being prepared by the central bank to start the facility of Conversation Payments (payment through conversation).
What is conversion payments
Under this facility, the option of transaction will be available by communicating with AI driven system or chatbot for transaction. Das had told that this facility will be for both smartphones and feature phones. Initially it will be started in Hindi and English. Later this facility will be available in other languages also. The RBI governor had said that the stake of AI in the digital economy is increasing. The interactive instructions will make UP easier to use and help increase its reach.
Transactions in this system will also be completely secure. RBI will soon issue guidelines to the National Payments Corporation of India (NPCI) in this regard. UPI is developed and administered by NPCI itself.
