UPI – Pay by Voice goes Live on NPCI BHIM

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New horizons for the future of payments have been unlocked and are now accessible through NPCI's BHIM platform.

Today, I successfully completed my inaugural Voice-Based UPI Payment via NPCI BHIM.

See the Screen shot here, for more information!



India is at the forefront of advancing AI capabilities within payment services, with financial service providers (FSPs) in the country investing over USD 3.2 billion in the development of AI-driven solutions.

A White Paper presented by MicroSAve Consulting during the Global Fintech Fest in Mumbai on September 7, 2023, introduces NPCI's "Conversational Payments on UPI" solution.

It delves into how this solution can offer users a seamless payment experience, exploring factors that might impact its adoption in India. Additionally, it identifies opportunities for financial service providers to offer solutions based on conversational payments.

The rapid growth and transformation of Artificial Intelligence (AI) in recent years are poised to revolutionize the way our country handles payments in the digital economy.

Currently, most payment solutions primarily serve digitally literate users who possess smartphones and internet connectivity.

This leaves out a significant portion of underserved individuals without access to smartphones, resulting in exclusion from digital payment services.

In collaboration with the National Payments Corporation of India (NPCI), the white paper highlights a solution aimed at enhancing inclusivity and potentially reshaping the payment landscape.

With the backing of the RBI, NPCI has embarked towards the  launch of "Conversational Payments on UPI" to enhance the transaction experience and convenience for customers while furthering the goal of inclusivity.

This innovative solution merges the capabilities of AI with UPI, enabling users to perform transactions solely through voice-based commands, eliminating the need for text-based inputs.

Users can employ this solution either during a telephone call or within any UPI app.

The solution will guide users through the process, presenting a promising opportunity to incorporate millions of underserved individuals into the realm of digital payments.

The success and expansion of this solution will hinge on several factors, including technological advancements, digital literacy levels, industry adoption, competitive dynamics, and changes in the regulatory landscape, among others.

Nevertheless, the likelihood of users adopting such a solution will be influenced by various factors such as the usefulness of the product, the cost associated with conducting transactions, the level of convenience it offers, and other considerations.

 

Their willingness to embrace it will also be contingent on effectively addressing certain concerns related to the use of AI in payment processes.

The National Payments Corporation of India (NPCI) has collaborated with the Bhashini program, AI4Bharat at IIT Madras, to develop the payment language models in Hindi and English.

Additional Reading: -

Conversational Payments on UPI: @ https://www.microsave.net/2023/09/07/conversational-payments-on-upi-unlocking-new-frontiers-for-next-generation-payments/

Hello, UPI: A deep dive into voice-based payments, everything you need to know @ https://www.dnaindia.com/personal-finance/report-hello-upi-a-deep-dive-into-voice-based-payments-everything-you-need-to-know-3060141

AI4BHARAT @ https://ai4bharat.iitm.ac.in/

IIT Madras launches ‘Nilekani Centre at AI4Bharat’ to advance Indian language technology @ https://pib.gov.in/PressReleasePage.aspx?PRID=1845807#:~:text=AI4Bharat%20will%20further%20contribute%20to,Centre%20at%20AI4Bharat%2C'%20Prof.

 

Disclaimer: Please be aware that the above are solely my personal opinions. It's essential to emphasize that the ultimate goal is Safe ePayments —nothing beyond that and nothing less.

Copyrights, if any, belong to the original holders only.

Diabetes Care Motivator #DiabetesCareMotivator

 

 

 

 

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