Title: Reserve Bank of India to Introduce Conversational Payments Feature to Improve Digital Payment Systems
Subtitle: Users can now make payments through UPI using voice commands, thanks to artificial intelligence technology
Mumbai: In a bid to enhance the efficiency and accessibility of digital payment systems, the Reserve Bank of India (RBI) is set to introduce a pioneering feature called ‘Conversational Payments’. This feature will enable users to make payments through the Unified Payments Interface (UPI) simply by using their voice, with the assistance of artificial intelligence technology.
The RBI’s decision to implement Conversational Payments comes as part of its ongoing commitment to incorporating innovative technologies into the country’s financial sector. By allowing users to perform transactions using voice commands, the central bank aims to provide a user-friendly and convenient method of digital payments. The Reserve Bank of India officially announced this groundbreaking feature in a policy statement released yesterday.
Initially, Conversational Payments will be available in Hindi and English languages. However, the RBI plans to gradually introduce the feature in regional languages to ensure inclusivity. Through the utilization of artificial intelligence (AI) technology, users will be able to seamlessly conduct money transactions via voice commands, making the process even more convenient and accessible for all.
Industry experts anticipate a significant increase in the number of UPI transactions following the launch of Conversational Payments. This innovative feature has the potential to revolutionize the way people interact and conduct transactions, especially given the ease of use and widespread adoption of voice-based applications. However, experts also emphasize the importance of establishing consistent standards to ensure security and reliability.
As India continues its push towards a more cashless economy, the introduction of Conversational Payments by the Reserve Bank of India stands as yet another testament to the country’s commitment to harnessing the power of technology to drive financial inclusion and propel digital transformation. With this new development, the RBI aims to further streamline digital payment systems and make them more accessible and user-friendly for all Indian citizens.