RBI plans to introduce conversational payments to India’s UPI, leveraging AI for secure transactions through voice commands, aiming to enhance financial inclusion.
Facts
- RBI will launch conversational payments on India’s UPI, enabling AI-powered secure transactions via voice commands.
- UPI, with 300 million active users, has transformed India’s digital payment landscape since its launch in 2016.
- Conversational payments will support C2C and C2B transactions and will be available in Hindi and English initially, with more Indian languages in the future.
- RBI recognizes the immense potential of this technology in improving the ease of use and reach of the UPI system.
- RBI has linked UPI with Singapore’s PayNow for cross-border payments, furthering its capabilities in international transactions.
