Unveiling a new era of innovations in the fintech space, National Payments corporation of India (NPCI) launched five new payment solutions at Global Fintech Festival (GFF) 2023 — Credit line on UPI, Hello UPI, Billpay Connect, UPI Tap & Pay and UPI Lite X.
Credit line on UPI: Launched with the tagline “Ab India nahi rukega, Credit Line on UPI chalega”, Credit line on UPI allows users to access credit lines through banks in case they don’t have the required balance in their accounts or mobile wallets. It is similar to buy now, pay later (BNPL). This will expedite credit access while also enriching a more streamlined digital banking system.
Hello UPI: Conversational UPI payments, Hello UPI allows users to also pay through voice commands. Now, users can make voice-enabled payments through UPI apps, calls and IoT devices. This conversational mode can convert text into speech and also numbers.
BillPay Connect: NPCI’s Bharat BillPay has launched an “inclusive nationalised channel” to pay bills through the mode of your choice. Through their messaging apps, users simply need to send a text to this all-India number which will fetch all their bills. For users who don’t have access to mobile data, they can also access and pay bills through a missed call.
UPI Tap & Pay: These are UPI QR Codes that are embedded with near-field communication (NFC) chips. Once a user generates these UPI QR codes and links them to their UPI ids, they can tap and pay at merchants to complete transactions.
UPI Lite X: To ensure seamless UPI transactions in no network areas, NPCI has launched UPI Lite. Now, users can both send and receive money in offline modes.