RBI unveils four digital payments initiatives

Mumbai: RBI launched four digital payment initiatives for customers’ convenience at the Global Fintech Fest. The regulator has launched AI-based UPI HELP, which provides assistance for payments, authorizations and dispute resolution.

It also launched “IoT Payments” with UPI to enable transactions directly from connected devices such as cars, smart TVs and wearables.

RBI also launched ‘Banking Connect’, an interoperable net banking solution that offers seamless payments and standardized merchant onboarding. RBI has also launched ‘UPI Reserve Pay’, which allows users to securely block and manage credit limits for specific purposes across merchants and UPI apps.
Using AI-driven innovation, UPI HELP strengthens customers’ trust and provides citizens with safe and easy access to financial services.

IoT Payments can initiate UPI payments that run across devices or cloud environments within user-defined limits, based on contextual triggers, routines, voice or text instructions. Users can make instant payments for services like fuel, EV charging, or other services through connected cars, smart glasses, or smart TVs, making transactions faster, smarter, and seamless.