Conversational payments will be added to the nation’s Unified Payments Interface (UPI) by the Reserve Bank of India (RBI).
RBI will introduce UPI conversational payments.
The central bank has reaffirmed its goal to provide an artificial intelligence (AI)-powered system that can
“initiate and complete transactions in a safe and secure environment” through voice commands given by the user.
The system is to be made available to the 300 million active users of India’s UPI, an instant payment system launched by the National Payments Corporation of India in 2016, which the RBI says has “transformed the digital payment ecosystem in India”.
The introduction of conversational payments into the system, which can support both C2C and C2B transactions, is expected to increase the use of financial services in India. Hindi and English will be the first languages offered, with the addition of more Indian languages anticipated in the future.
The RBI claims that the technology has “immense potential in enhancing ease of use, and consequently reach, of the UPI system,” and it is actively acknowledging AI’s growing relevance in the market by investigating conversational payments.
The central bank is also looking at the external capabilities of UPI having linked it with the Monetary Authority of Singapore’s digital payment system, PayNow, in February to better facilitate cross-border payments between the two countries.
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