The Reserve Bank of India (RBI) has launched a range of next-generation technologies to make digital payments faster, smarter, and more inclusive, marking a major milestone in its Payments Vision 2025. The new initiatives include AI-based voice authentication, IoT-enabled payment systems, the UPI Reserve Pay feature, and the Banking Connect platform, all aimed at transforming how people in India pay, transact, and engage with their banks.
AI-based voice authentication: making digital payments accessible to all
RBI’s in-house team has developed an artificial intelligence-powered voice authentication system that allows users to perform UPI transactions using natural speech. The system supports over 28 Indian languages, helping bridge the gap for non-English-speaking and rural users.
Through this feature, users can check transaction updates, file complaints, and monitor resolutions using voice commands. It is currently available in English and will soon expand to Hindi and other regional languages, ensuring wider accessibility.
IoT-enabled payments: the next step in contactless transactions
The RBI’s IoT payment system allows users to make payments directly through connected devices such as cars, smartwatches, smart TVs, and other smart gadgets. This feature enables real-time transactions without the need for a smartphone, making payments seamless and efficient.
For instance, users can automatically pay for fuel or electric vehicle charging through IoT-enabled systems, creating a smoother payment experience.
Banking Connect: unifying digital banking platforms
Developed by NPCI Bharat BillPay Limited (NBBL), the Banking Connect platform brings together internet and mobile banking for faster and more reliable digital transactions. It helps streamline settlements between banks, merchants, and payment aggregators, reducing delays and technical issues.
The feature includes functions like QR code payments and Pay via App options, supporting RBI’s mission of “e-payments for everyone, everywhere, every time.”
UPI Reserve Pay: simplifying frequent transactions
UPI Reserve Pay is designed for users who frequently make online payments. It allows secure, one-click transactions without repeatedly entering card details or OTPs. The system offers a clear view of blocked or used credit, helping users track spending more easily while maintaining security.
Building an intelligent and inclusive payment ecosystem
Together, these innovations mark a significant step toward RBI’s Payments Vision 2025. By integrating artificial intelligence and Internet of Things technologies into financial systems, RBI aims to make digital payments more accessible, intelligent, and inclusive, ensuring that every citizen can participate in India’s growing digital economy.
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