New Delhi
The Unified Payments System (UPI) is undergoing a digital payment system upgrade, including the introduction of a conversational payment mode using AI. This will enable users to make payments through chat, improve offline UPI payments, and increase the limit of UPI Lite.
The Reserve Bank of India (RBI) has introduced AI for UPI payments, enabling conversational payments through conversational chat or messaging communication. UPI Lite will make offline UPI payment systems easier with near-field communication, allowing users to make payments easily using smartphones and NFC technology.
The RBI has proposed increasing the per transaction limit for UPI Lite in offline mode from Rs.200 to Rs.500, enabling users to make payments up to Rs.500 easily. The limit for low-value digital payments in offline mode, including National Common Mobility Card (NCMC) and UPI Lite, is Rs.2000.
The RBI is working to replace the digital payment infrastructure in India with UPI, offering easy, secure, and real-time service. The addition of a conversational payment mode will help meet the country’s economy’s payment needs.
