Chat & Pay: India Signals ‘Conversational Payments' in Policy Update
- RBI believes the payment method can increase digital penetration in the country.
- The apex monetary authority suggested introducing offline contactless payment.
The Reserve Bank of India (RBI) is the latest stakeholder in the financial industry to look at how artificial intelligence (AI) can transform financial services delivery. The apex monetary authority today (Thursday) proposed the launch of an AI-powered ‘conversational payment’ method.
AI Meets UPI
According to RBI, the innovative payment method will run on the Unified Payments Interface (UPI), India’s real-time payment system that facilitates peer-to-peer and person-to-merchant transactions. The system was developed by the National Payments Corporation of India (NPCI) and is regulated by the RBI.
The central bank noted that its UPI supported by AI will make it possible for citizens to initiate and complete payment transactions “in a safe and secure environment” through conversations. The monetary authority believes this move can improve the payment system and deepen digital penetration in the country.
“UPI, with its ease of usage, safety and security, and real-time feature, has transformed the digital payment ecosystem in India. The addition of many new features over time has enabled UPI to facilitate the diverse payment needs of the economy,” RBI explained in a statement.
The central bank added: “As Artificial Intelligence (AI Artificial Intelligence (AI) Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Read this Term) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing the ease of use and consequently reach, of the UPI system.”
To facilitate ‘conversational payment’, RBI explained, the new payment method will be made accessible on smartphones and other phone-based UPI interfaces. However, the service will be first rolled out in Hindi and English, with support for other regional languages to follow.
Offline Payments in UPI
Meanwhile, as part of changes to its developmental and regulatory policies, RBI on Thursday proposed making it possible for Indian residents to conduct offline transactions using Near Field Communication (NFC) technology on ‘UPI-Lite’, a simplified version of the UPI that was introduced in September 2022 and designed for low-value transactions. NFC is the technology that underpins many contactless payment systems.
“This feature will not only enable retail digital payments in situations where internet/telecom connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term is weak or not available, but it will also ensure speed, with minimal transaction declines,” the central bank stated.
CFI welcomes MENA's marketing head; FCA cancels Matrix's license; read today's news nuggets.
The Reserve Bank of India (RBI) is the latest stakeholder in the financial industry to look at how artificial intelligence (AI) can transform financial services delivery. The apex monetary authority today (Thursday) proposed the launch of an AI-powered ‘conversational payment’ method.
AI Meets UPI
According to RBI, the innovative payment method will run on the Unified Payments Interface (UPI), India’s real-time payment system that facilitates peer-to-peer and person-to-merchant transactions. The system was developed by the National Payments Corporation of India (NPCI) and is regulated by the RBI.
The central bank noted that its UPI supported by AI will make it possible for citizens to initiate and complete payment transactions “in a safe and secure environment” through conversations. The monetary authority believes this move can improve the payment system and deepen digital penetration in the country.
“UPI, with its ease of usage, safety and security, and real-time feature, has transformed the digital payment ecosystem in India. The addition of many new features over time has enabled UPI to facilitate the diverse payment needs of the economy,” RBI explained in a statement.
The central bank added: “As Artificial Intelligence (AI Artificial Intelligence (AI) Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Read this Term) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing the ease of use and consequently reach, of the UPI system.”
To facilitate ‘conversational payment’, RBI explained, the new payment method will be made accessible on smartphones and other phone-based UPI interfaces. However, the service will be first rolled out in Hindi and English, with support for other regional languages to follow.
Offline Payments in UPI
Meanwhile, as part of changes to its developmental and regulatory policies, RBI on Thursday proposed making it possible for Indian residents to conduct offline transactions using Near Field Communication (NFC) technology on ‘UPI-Lite’, a simplified version of the UPI that was introduced in September 2022 and designed for low-value transactions. NFC is the technology that underpins many contactless payment systems.
“This feature will not only enable retail digital payments in situations where internet/telecom connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term is weak or not available, but it will also ensure speed, with minimal transaction declines,” the central bank stated.
CFI welcomes MENA's marketing head; FCA cancels Matrix's license; read today's news nuggets.