AI will allow you make a UPI payment using voice

Syllabus: Science and Technology- developments and their applications and effects in everyday life.

Context

In a move to make Unified Payments Interface (UPI) more user-friendly, the Reserve Bank of India (RBI) has proposed incorporating Artificial Intelligence-powered conversational features, to enable digital payments through voice commands.
The RBI also announced plans to enhance the transaction limit for small-value digital payments in offline mode from ₹200 to ₹500 with the overall limit being retained at ₹2,000 per payment instrument to contain the risks associated with relaxation of two-factor authentication.

In Depth

As AI is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system.
It is, therefore, proposed to launch an innovative payment mode viz., ‘Conversational Payments’ on UPI,” RBI Governor Shakti Kanta Das announced on Thursday.
It will enable users to engage in a conversation with an AI-powered system to “initiate and complete transactions in a safe and secure environment”.
While payments through QR code are easy for everyone, the introduction of ‘Conversational Payments’ on UPI has the potential to take ease of payments to the next level.
Those who find it difficult to navigate through a mobile application for making payments or want to save time will now be able to execute transactions with ease

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