New NPCI Products

At the Global Fintech Fest in Mumbai, the National Payments Corporation of India (NPCI) unveiled a slew of new products, aiming to bolster the Unified Payments Interface (UPI) ecosystem. The event saw luminaries such as Shaktikanta Das, the Governor of RBI, and Nandan Nilekani, Co-founder of Infosys.

New Additions to UPI

Credit Line on UPI

• Availability: A selection of public and private sector banks will offer this feature. It will be accessible through various payment apps such as Bhim, Paytm, Payzapp, and GPay.
• How it Works:
  • Users scan a QR code with their UPI app.
  • They select their bank, input the transaction amount, and then choose the credit line as their mode of payment.

“Hello UPI”

• Capabilities:
  • The system understands spoken language and can discern silence.
  • It can convert text into numerical values.
  • Features a text-to-speech function.

UPI Lite X for Feature Phones

• Functionality:
  • Allows peer-to-peer transactions.
  • No need for an active network or internet connection.
  • Employs NFC functionality to execute transactions.
  • Transfers money once a network connection is established.

UPI Tap & Pay

• Functionality:
  • Uses NFC-equipped cards.
  • These cards are linked to a QR code and UPI ID.
• Card Procurement:
  • Visit a partner bank’s self-service kiosk.
  • Select your card design. copyright©iasexpress.net
  • Scan a QR code for verification and association.
  • Attach the card to a mobile device for making tap payments.

Objectives and Milestones

The NPCI has set an ambitious goal to achieve 100 billion UPI transactions on a monthly basis. This comes after celebrating a landmark of 10 billion UPI transactions this past August. With a new target in sight, moving from 30 billion to an astounding 100 billion transactions, NPCI is banking on these new features to act as a catalyst to propel UPI transactions to new heights.