Team Blitz India
MUMBAI: The Reserve Bank of India has announced the use of artificial intelligence (AI) for making UPI payments. Conversational payments are those payments that are processed during a chat or a messaging conversation. The payment happens between the two parties where one is the chat operator and the other is the payment provider.
RBI Governor Shaktikanta Das while making the announcement on August 10said, “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.
Another added feature on UPI payments will be the 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. These initiatives will further deepen the reach and use of digital payments in the country. ”
