RBI Governor Shaktikanta Das announced the adoption of conversational payments during the bi-monthly Monetary Policy Meet with the objective to 'harvest new technology enhancements for users'. Here's all that you need to know
On August 10, along with major announcements such as an unchanged repo rate at 6.5 percent, Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank will bring into adoption the use of conversational payments on Unified Payments Interface (UPI) through artificial intelligence (AI). It will enable users to converse with AI-powered systems to make payments.Â
According to the RBI announcement, the facility will be made available in both smartphones and feature phones-based UPI channels, facilitating the deepening of digital penetration in the country. Initially the feature will be in Hindi and English, and will subsequently be made available in more Indian languages. The RBI has instructed the National Payments Corporation of India (NPCI), the driving force behind UPI, to issue instructions to implement 'conversational payments' soon.Example: Suppose a user goes on a beauty/skincare brand’s website/app and types in a query for a product. The website/app will relay options best suited for the customer; when the customer chooses a product and needs to make a payment, the chat operator on the website/app will send a direct payment link to the user to make the payment real time without re-directing them to a UPI app.
Also read: Why Google chose Gujarat for its global fintech operations hub
Also read: Digital currency pilots: On course, with potential to achieve something huge
Also read: ONDC is India's next big bet after UPI