Mumbai: A cutting-edge payment method called “Conversational Payments” using UPI has been proposed for release by the Reserve Bank of India. It will allow consumers to have a dialogue with a system driven by artificial intelligence to start and finish transactions in a protected setting. This channel will be made available in both smartphones and feature phone-based UPI channels, according to RBI Governor Shaktikanta Das, assisting in the country’s increased digital penetration. The facility will initially be offered in Hindi and English before being expanded to include more Indian languages.
NFC technology has also been advocated by the Central Bank for use in UPI transactions. While the total limit for small value digital transactions has remained at 2,000 rupees, the RBI has increased the offline transaction limit from 200 to 500 rupees.