Key Points
The Reserve Bank of India has announced the use of artificial intelligence (AI) for making UPI payments..
The RBI governor while making the announcement said, "With the objective of harnessing new technologies for enhancing the digital payments experience for users, it is proposed to (i) enable Conversational Payments on UPI, which will enable users to engage in conversation with AI-powered systems to make payments; (ii) introduce offline payments on UPI using Near Field Communication (NFC) technology through UPI-Lite on-device wallet; and (iii) enhance the transaction limit for small value digital payments in off-line mode from Rs 200 to Rs 500 within the overall limit of Rs 2000 per payment instrument..
The RBI in its development statement said: UPI, with its ease of usage, safety and security, and real-time feature, has transformed the digital payment ecosystem in India..
As Artificial Intelligence (AI) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system..
It is, therefore, proposed to launch an innovative payment mode viz., Conversational Payments on UPI, that will enable users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment..
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