New UPI Features Launched by NPCI to Achieve 100B Monthly Transactions

The National Payments Corporation of India (NPCI) announced on September 6 a new product that will enable payments giant Unified Payments Interface (UPI) to complete 100 billion transactions per month. These products include UPI Credit Limit, interactive payment model “Hello UPI”, BillPay Connect, UPI Tap & Pay and UPI Lite X.

UPI completed a week ago the importance of doing 10 billion jobs. August. In return for these new features, the nonprofit has also increased its target from 30 billion transactions per month to 100 billion.

This product was announced in the presence of Shatikanta Das, Governor of the Reserve Bank of India (Nandan Nilekani, Co-Founder and Non-Executive Chairman of the Reserve Bank of India (RBI) and Infosys held in Mumbai on September 6th). World Fintech Festival.

Nilekani said: “NPCI is the jewel of the Indian tech industry. Founded by RBI in 2008, the company’s non-profit system NPCI exceeded expectations. Using NPCI as template we now have many organizations with similar templates like tax GSTM, Digi yatra app or ONDC. All the other technology companies we have built from non-profits in India are built on digital products using the NPCI model. I hope they add value too. “

“In India, we are moving from a dysfunctional business to a profitable online business based on millions of community members, accepting digital numbers, bank accounts, mobile phones. He added, “Using digital capital to solve problems and access credit. In the next 20 years we will see a huge improvement in India.”

Also, Nilekani believes there are many factors that make this possible: digital systems like Aadhaar as well as UPI and traders. This shows that there were 1,000 startups in India in 2016 and there will be 100,000 startups in India by 2023, an increase of 10 times.

Das, “UPI’s success is due to numbers because it has increased in a short time. More than 10 billion transactions for over Rs. 15 trillion value were carried out in August 2023. This number is steadily rising and India’s technology stack has accelerated digitalisation through mobile phones and internet.”

In an exclusive interview with Moneycontrol this week, Prime Minister Narendra Modi also spoke about how amazed foreign delegates are when they see “street vendors asking customers to pay through a QR code through UPI.”

“No wonder India accounted for almost half of the real-time digital transactions that happened in the world! Even other countries are keen on associating with UPI, so much so that Indians find themselves having the option of paying through UPI even outside India!” he said.

How these features will work

For credit line on UPI, scan the QR code through your UPI-linked app for buying the product you want to purchase, select bank you want, enter amount and choose credit line. It’s live with a few public sector and private sector banks at the moment. Payment apps it’s live on include Bhim, Paytm, Payzapp and GPay.

Hello UPI – the conversational payment mode, understands language and silence, can convert text into numbers and text to speech.

Meanwhile, feature phone users get an upgrade with UPI Lite X which will let them do peer-to-peer transactions without active network or internet that too with a tap between phones, if they are near-field communication (NFC) enabled. Actual money transfer will happen as soon as either of the phones enter a network zone.

UPI Tap & Pay, probably the most interesting of these features involve tiny cards which have near-field communication (NFC) chips within which get linked to the user’s unique QR code and UPI id.

To generate these cards, the user has to go to the nearest partner bank to find a contactless UPI card generating kiosk. When the user selects a card from the design, it scans the QR code and the UPI ID is verified and connected to the card. The card is instantly removed and can be inserted into the phone for tap-and-pay.

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