The National Payments Corporation of India (NPCI) on September 08, 2023, issued a notification regarding Launch of Key Digital Payment Initiatives at Global Fintech Fest 2023
•To expand access to credit, and promote financial inclusion and innovation, the RBI Governor launched Credit Line on UPI. This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionize customer access to credit, fostering a more streamlined and digital banking ecosystem.
•Building on the success of the UPI LITE feature, the RBI Governor launched UPI LITE X for Offline payments. Through this feature, users can now both send and receive money whilst being completely offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc. UPI LITE X will be accessible to anyone with a compatible device that supports Near Field Communication (NFC).
•The next in the line of announcements was Conversational UPI Payments and Conversational Bill Payments. Conversational Payments underscore the emergence of a novel paradigm for human-machine interaction facilitated by AI-enabled transactions which will further deepen the reach and use of digital payments in the country.
