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RBI Governor Proposes AI-Powered “Conversational Payments” for India’s UPI System

10 August 2023
in AI, News
Reading Time: 3 mins read
106 3
Home News AI

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), has put forth an innovative proposal to enhance India’s payment ecosystem. The plan involves integrating an AI-powered conversational payment system into the country’s unified payments interface (UPI).

During a Monetary Policy Committee meeting on August 10, 2023, Governor Das elaborated on the concept of ‘Conversational Payments’ for the UPI. He emphasized that this feature would empower Indians to “initiate and complete transactions in a secure environment,” thereby elevating their digital payment experience.

The proposed feature enables users to conduct payments seamlessly through AI-driven conversations, with the transaction subsequently processed by the payment provider. The functionality is intended for both smartphone and feature phone UPI channels, catering to a broad spectrum of users. Initially, the service will be available in Hindi and English, with plans to expand to other languages later.

In a statement issued at the meeting, the RBI detailed the rationale behind the proposal, noting that:

“As AI (artificial intelligence) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing the ease of use and, consequently, reach of the UPI system.” 

India’s fintech ecosystem has emerged as a global innovation hub, with concerted efforts from the government and the central bank to foster the evolution of the nation’s digital payment infrastructure. The UPI system is one of the outcomes of these endeavours.

The Unified Payments Interface (UPI) is India’s mobile-centric payment system; it facilitates instantaneous, round-the-clock transactions via Virtual Payment Addresses (VPAs). Since its launch, its popularity has soared, positioning it as a cornerstone of India’s retail digital payment landscape, with adoption rates climbing steadily.

Mahesh Kumar Jain, the Deputy Governor of RBI, during a seminar organized by the RBI for directors of Indian banks in May 2023, emphasized the significance of leveraging cutting-edge technologies to prepare for potential hazards and overcome emerging risks in the banking sector. Jain advocated for banks’ adoption of blockchain and artificial intelligence (AI) technologies to ensure sustainable growth and stability.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

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