RBI Governor Shaktikanta Das, on Wednesday, introduced new UPI options, evolved by way of Nationwide Bills Company of India (NPCI). The product choices come with Credit score Line on UPI; UPI Lite X; Faucet & Pay; Hi! UPI; and BillPay Attach.

The central financial institution had, on Monday, introduced credit score traces on UPI to extend get entry to to credit score, and advertise monetary inclusion and innovation via pre-sanctioned credit score traces from banks by way of UPI.

The initiative has options reminiscent of linkage of pre-sanctioned credit score traces, introduction of virtual credit score merchandise by way of banks, status quo of interest-free credit score sessions and corresponding rates of interest, outlined time table of fees, buyer engagement channels for credit score sanction requests, and the power to hyperlink more than a few pre-sanctioned credit score traces by way of UPI-enabled apps for transactions, NPCI stated.

Offline bills

NPCI additionally introduced ‘UPI Lite X’ for offline bills on the International Fintech Fest 2023, development at the UPI Lite characteristic, which was once introduced ultimate yr. Customers can each ship and obtain cash offline via any suitable instrument that helps Close to Box Communique (NFC).

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Alongside the similar traces, so as to toughen adoption of QR code and NFC generation, NPCI offered ‘UPI Faucet & Pay’, which is able to permit consumers to faucet NFC-enabled QR codes to make bills at service provider places.

Conversational bills

The opposite giant announcement was once the release of conversational UPI and invoice bills. ‘Hi! UPI’ the characteristic for conversational bills on UPI will facilitate voice-enabled bills by way of UPI packages, phone calls and IoT gadgets.

These days to be had in Hindi and English, the characteristic will quickly be made to be had in different regional languages. Customers can provide voice instructions to switch finances and enter UPI PIN to finish the transaction.

The ‘BillPay Attach’ characteristic for conversational invoice bills has been offered by way of NPCI’s subsidiary Bharat BillPay which is able to create a nationalsed quantity for invoice bills throughout India and allow customers to fetch and pay their expenses by way of sending a ‘Hello’ at the messaging software.

Consumers with out smartphones or quick cellular information get entry to will be capable to pay expenses by way of giving a ignored name, through which they are going to obtain a name again for verification and cost authorization. As well as, it is going to be offering voice-assisted invoice bills facility, and invoice bills at bodily assortment facilities via cost soundbox gadgets.