The National Payments Corporation of India (NPCI) has launched four New UPI features for the country’s popular real-time payments system. The new features are designed to make payments more convenient and inclusive for all users, including those with feature phones and limited internet connectivity.
Here are the four new UPI features:
- Credit line on UPI: This feature will allow users to access a credit line from their bank to make payments over UPI. This will be especially helpful for users who do not have a lot of money in their bank account or who need to make a large payment. The credit line will be linked to the user’s UPI ID, and they will be able to use it to make payments just like they would use their own money. The credit line will be repaid automatically by the user’s bank at the end of the month
- UPI Lite X: This feature is an extension of the existing UPI Lite feature, which is designed for feature phone users. UPI Lite X will allow users to make offline payments without the need for an internet connection. This will be especially helpful for users who live in rural areas or who do not have regular access to the internet. To make an offline payment using UPI Lite X, the user will need to generate a QR code using their feature phone. The merchant can then scan the QR code to complete the payment.
- UPI Tap & Pay: This feature will allow users to make payments by simply tapping their phone on a merchant’s NFC-enabled POS terminal. This will make payments faster and more convenient. To use UPI Tap & Pay, the user will need to enable the feature in their UPI app. Once the feature is enabled, the user can simply tap their phone on the merchant’s POS terminal to complete the payment.
- Hello! UPI: This feature will allow users to make voice-activated payments over UPI. This will be especially helpful for users who are visually impaired or who do not have a lot of typing skills. To make a voice-activated payment using Hello! UPI, the user will need to speak the name of the recipient and the amount of money they want to send. The UPI app will then process the payment automatically.
The new UPI features are a major step forward in making digital payments more convenient and inclusive for all Indians. They are also a sign of the continued growth and evolution of UPI, which has become the most popular payment method in India.
How will these new features benefit users?
The new UPI features will benefit users in a number of ways. Here are some of the key benefits:
- Convenience: The new features will make it more convenient for users to make payments, regardless of their financial situation or the type of phone they use. For example, the credit line on UPI will allow users to make payments even if they do not have enough money in their bank account. UPI Lite X will make it easier for users with feature phones to make payments. And UPI Tap & Pay will make payments faster and more convenient for everyone.
- Inclusiveness: The new features will make it easier for people who are traditionally excluded from the financial system to make payments. For example, the credit line on UPI will make it easier for people with low incomes to make payments. And UPI Lite X will make it easier for people in rural areas to make payments.
- Security: The new features will be just as secure as the existing UPI features. All payments made using UPI are protected by the highest levels of security.
- Innovation: The new features will pave the way for new and innovative payment solutions. For example, the voice-activated payments feature could be used to develop new ways for people to make payments, such as using voice commands to pay for groceries or parking.
What are the next steps for UPI?
The NPCI has ambitious plans for the future of UPI. The organization plans to make UPI the world’s leading real-time payments system. To achieve this goal, the NPCI is working on a number of initiatives, including:
- Expanding UPI to more countries
- Adding new features to UPI, such as support for international payments
- Making UPI more secure
- Making UPI more accessible to people with disabilities
With these new UPI features, the NPCI is making digital payments more inclusive and convenient than ever before. It’s no wonder UPI transactions hit an all-time high in August. The future of payments is here, and it’s looking brighter than ever!
So, what are you waiting for? Embrace the future of digital payments with these exciting new UPI features. Get ready to tap, talk, and pay your way to a hassle-free transaction experience. Cheers to the NPCI for making our lives a little easier!
