UPI Transactions: Reserve Bank of India (RBI) Governor Sanjay Malhotra announced four groundbreaking initiatives at the Global Fintech Festival 2025, aimed at making UPI payments more accessible and smarter. These new applications and features are designed to expand online payment capabilities beyond mobile phones, allowing transactions through devices like cars and smartwatches.
AI-Based UPI Help
This AI-powered system, developed by the RBI team, is designed to address UPI transaction problems and mandate management, while currently available in English, it will soon support Hindi and other Indian languages. Users can check transaction statuses, lodge complaints, and track their resolution, streamlining the process for both consumers and and banks, saving valuable time.
IoT Payments
With Internet of Things (IoT) Payments, users will no longer need to pull out their phones to pay for fuel or EV charging. Connected cars, smartwatches, smart glasses, or smart TVs can now directly facilitate payments. This innovative feature represents a significant leap towards future smart payment solutions, ensuring a easy and uninterrupted transaction experience.
Banking Connect
Developed by NPCI Bharat BillPay Limited (NBBL), Banking Connect aims to simplify the user experience by integrating internet and mobile banking. This initiative aligns with RBI's 'Payments Vision 2025,' which targets 'E-Payments for Everyone, Everywhere, Everytime. ' It will expedite settlement and problem-solving among banks, payment aggregators, and. Merchants, also offering user-friendly features like QR code scanning and 'Pay via App'.
UPI Reserve Pay
Ideal for frequent online shoppers and users of services like food delivery or cab booking, UPI Reserve Pay eliminates the need to repeatedly enter card details or OTPs. This feature offers a smooth and secure UPI experience across major apps and platforms. Users can also conveniently monitor their blocked and used credit from a single interface, ensuring better control and tracking of payments. These four RBI initiatives are set to elevate India's digital. Payment ecosystem, making every transaction easier, faster, and more secure.
