India proposes AI-powered conversational payments system: RBI
The Reserve Bank of India (RBI), the country's central bank, has published a press release that floated the idea of using artificial intelligence (AI) on conversational payments in the unified payments interface (UPI), which is an instant payment system developed in India.
Very Big Developments on UPI by RBI• NFC (Tap & Pay) Based Payments with UPI• UPI Conversational Payments using AI• UPI Lite Limit Raised from ₹200 to ₹500India is Probably Witnessing the Biggest Revolution in FinTech & Digital Payments
On Aug. 10, the RBI recognized that UPI has transformed digital payments in India, citing its ease of usage, safety and security. The central bank also noted that adding new features allowed the platform to cater to the diverse needs of the country's economy. As technology progresses further, the RBI said that there's a potential in developing an AI-powered system that will initiate and complete transactions through a conversation. The RBI wrote:
According to the announcement, the system will be made available in smartphones and feature phones-based UPI channels. The RBI believes that this would help deepen digital penetration within the country.
As for its language support, it will initially be available in Hindi and English and will be updated to include support for more Indian languages in the future.
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