India’s rapidly developing instant payments system, the Unified Payments Interface, drove digitization in the world’s most populous country. Now, risks need to be managed for its new voice-enabled feature to ensure further inclusion, according to bankers.
The government-backed feature called Hello UPI will allow users to pay via apps and calls in Hindi and English, and will soon roll out services in other regional languages. The launch of this artificial intelligence-powered service seeks to widen access of digital payments to more people, including the elderly, though adoption could be tentative at the start.
Adoption would first happen “through something as innocuous as messaging” and then through commerce as customers look to purchase things, Handa said. People will be more comfortable making voice-enabled payments to contacts they know or to merchants who are in front of them, he said. The voice feature is one of several additions to UPI that has helped make QR-powered payments ubiquitous across India in the last few years. Millions use their smartphones to make purchases of small items like vegetables, or to transfer salaries to household staff. More than 10 billion transactions were carried out in August and this number is steadily rising, Shaktikanta Das, governor of the Reserve Bank of India, said last week at the conference.
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