Ishita Nigam
22 Aug 2023
RBI will soon introduce AI-enabled Conversational Payments in your UPI apps. Plus, it has raised UPI Lite limit from ₹200 to ₹500, upper limit ₹2,000.
Salestors, you may soon be able to direct an AI chatbot to make UPI payments for you. RBI Governor, Shaktikanta Das, announced on August 17th their plans to introduce Conversational Payments on UPI systems. Initially, the service will be available only in Hindi and English and will include other languages eventually.
RBI raised the transaction limit for UPI Lite from ₹200 to ₹500, with the upper limit capped at ₹2,000. UPI Lite is an on-device wallet launched in September 2022 to boost small value transactions. It turned out to be a smashing hit and currently handles ten million transactions monthly.
The government plans to introduce transactions using Near Field Communication (NFC) that allow information exchange between phones at a distance of 4 centimetres. It will offer superfast ‘Tap to Pay’ service and minimal declined transactions. Paytm and Cred are already offering this service.