Source: ET
Context:
The Reserve Bank of India (RBI) launched four new digital payment initiatives at the Global Fintech Festival 2025, aimed at enhancing convenience, interoperability, and digital adoption in the UPI ecosystem.
Key Initiatives
- IoT-Based UPI Payments
- Enables payments through connected devices such as cars, smart TVs, smart glasses, and EV chargers.
- Expands UPI beyond smartphones, making transactions more seamless in the Internet-of-Things ecosystem.
- Banking Connect (Interoperable Net Banking Solution)
- Facilitates interoperability between banks and payment aggregators.
- Payment Aggregators (PAs) gain access to all participating banks via single integration, reducing technical complexity.
- UPI Reserve Pay
- Allows users to block part of their credit card limit or pre-sanctioned credit for repeat purchases.
- Simplifies payments on e-commerce, food delivery, cab aggregators, and other recurring services.
- AI-Based UPI Help
- AI-powered support system, leveraging NPCI’s Small Language Model (SLM).
- Offers transaction status checks, complaint resolution, mandate management, and contextual guidance for users.
Additional Features
- Biometric Authentication: Approve UPI payments without entering a PIN.
- Face Authentication via UIDAI: Simplifies onboarding and PIN setup for UPI using Aadhaar-based biometrics.
