In an address at the Digital Payments Awareness Week celebrations, the Governor of the Reserve Bank of India said the system will be introduced as part of its Payments Vision 2025 and will facilitate quicker settlement of funds for merchants.
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This interoperability milestone comes as result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS) who see UPI adoption in cross-border transactions as key to improving overall financial inclusion.
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The Reserve Bank of India (RBI) has launched several new UPI-based digital payment features including Credit Line on UPI, UPI LITE X and Tap & Pay, and Conversational Payments.
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The Reserve Bank of India plans to use the language abilities of artificial intelligence to introduce “Conversational Payments” in UPI, building on a system that has transformed the digital payment landscape in India
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