Key Points
This feature will not only enable retail digital payments in situations where internet and telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines.RBI boosts transparency in EMI reset, enhances transactions limit for UPI Lite payments..
The Reserve Bank of India (RBI) Thursday announced a slew of measures to further propel the growth of UPI- based payments including the launch of conversational payments on UPI, allowing Near Field Communication (NFC) technology to facilitate offline transactions and enhancing limits on small-value payments...
"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," RBI Governor, Shaktikanata Das said in his post monetary policy statement..
This feature will not only enable retail digital payments in situations where internet and telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines...
Increasing UPI Lite Offline payment limit to Rs. 500 will greatly expand the use of offline payments and in turn substantially reduce failure-rates, which will in turn drive higher user-adoption of UPI-lite," said Harish Prasad - Head of Banking- India, FIS,..
