After setting a new record with 10 billion UPI transactions in August, the National Payments Corporation of India (NPCI) is formulating plans to increase this volume to 100 billion transactions per month. To support this ambitious target, NPCI has rolled out four fresh UPI features.
Key Upgrades in UPI Functionality by NPCI
1.
Credit Access through UPI
:
– This new offering aims to link users to pre-approved bank credit lines for transactions.
– The mechanism for these transactions mirrors existing UPI payments.
– First adopters include Paytm, Google Pay, and HDFC PayZapp.
– NPCI’s Chief, Dilip Asbe, expects India’s credit sector to grow significantly, paving the way for more accessible credit solutions.
2.
Introduction of UPI Lite X
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– This is an advancement over the previous UPI Lite and allows for offline money transfers.
– It aims to expand UPI’s utility to spaces like airplanes and subways.
3.
NFC-Enabled UPI Tap & Pay
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– The feature is introduced for making payments using Near Field Communication (NFC) technology.
– This is seen as a parallel move to recent NFC-compatible Point-of-Sale (PoS) systems introduced by Pine Labs and Paytm.
4.
Voice-Activated and Messaging Payments – Hello! UPI & BillPay Connect
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– Hello! UPI offers voice-controlled transactions in English and Hindi, with plans to add more languages.
– BillPay Connect offers a national bill payment number, and customers can complete payments through a simple missed call if they lack smartphone or internet access.
Current UPI Usage Stats
– As of the latest data, 350 million users are active on UPI.
– August saw a significant landmark with UPI reaching 10 billion transactions, involving a total amount of Rs 15.76 lakh crore.
These newly introduced features and current user statistics highlight NPCI’s commitment to make UPI an even more inclusive and convenient digital payment platform.
