The Vision of NPCI for a Diverse Digital Payment Ecosystem

 The National Payment Corporation of India (NPCI) has made another revolution by developing new digital payment products that were launched at Global Fintech Fest ’23 by Shri Sakthikanthadas Das, Governor, Reserve Bank of India. This was one of the greatest milestones in digital innovation history. Launching this new-age product aimed to create an inclusive, resilient, and sustainable digital payment ecosystem. This invention is definitely one of the most important turning moments in the history of digital innovation,

India has started on a revolutionary journey with its relentless focus on embracing the digital environment. A paperless and connected society has already been made possible by ground-breaking projects like BHIM (Bharat Interface for Money), RuPay credit cards, and UPI (Unified Payments Interface). The road to a future that is dominated by digital technology has now been further lighted with the introduction of these innovative digital payment alternatives.

Following are the new digital payment initiatives launched at Global Fintech ’23.

·       UPI Lite X and Tap & Pay

·       Hello! UPI

·       Billpay Connect

UPI LITE X

UPI LITE X is the successor of UPI Lite which was launched in September ’22 by the Reserve Bank of India and it was a great success. Building on the success of the UPI Lite feature, the RBI Governor launched UPI Lite X for offline payment. Through this feature, users can now both send and receive money while being completely offline. UPI Lite X will allow us to make payments without internet connectivity. It will allow users to initiate and execute transactions even in areas with poor connectivity. Anyone having a Near Field Communication (NFC) capable device can access UPI LITE X. NFC enables devices in close proximity to connect wirelessly. The main difference between UPI Lite and UPI LITE X is that the former needs an internet connection while the latter doesn’t require an internet connection to make payment.

            In the case of UPI Tap & Pay, users have the option to simply tap New Field Communication enabled QR codes at merchant locations to complete payment. It was a key move to increase the usage of New Field Communication.

 

Hello! UPI

Hello! UPI is a conversational payment mechanism that enables human and machine interaction. This will allow users to make voice-enabled UPI payments via UPI apps, telecom calls and Internet on Things (IoT) devices in Hindi and English and will soon be available in several other regional languages. National Payment Corporation of India has partnered with the Bhashini Program- Artificial Intelligence for Bharath Program to co-develop Hindi and English payment language models.

            Hello! UPI will be more useful for people who are not that familiar with the technology. They can easily make payments by using this.

Billpay Connect

National Payment Corporation of India has developed Billpay Connect for easy bill payment. It’s also a conversational bill payment product. With Bill Pay Connect, Bharat Bill Pay introduces a nationalized number for bill payments across India. Customers may now quickly retrieve and pay their bills on the chat app by texting a simple "hi."

Additionally, customers who do not have smartphones or immediate access to mobile data will be able to pay their bills by leaving a missed call. They will then get a call back right away for payment permission and verification.

So, the National Payment Corporation of India (NPCI)'s most recent digital contributions, which were announced at the Global Fintech Fest '23, represent an important turning point in the landscape of digital payments in India as it continues to change. NPCI has proven its dedication to building an inclusive, durable, and sustainable digital payment ecosystem under the inspiring leadership of Shri Sakthikanthadas Das, Governor of the Reserve Bank of India.

These developments will surely be crucial in hastening India's transformation to a fully digital economy, where every individual may conduct financial transactions in a simple, inclusive, and accessible manner. No one is left behind in this exciting time of digital transformation, thanks in large part to the National Payment Corporation of India's continued leadership as the nation advances on its digital path.

 Ms. Rajashree. V, Assistant Professor of Commerce, Al Shifa College of Arts and Science, Kizhattoor, Perinthalmanna