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UPI transactions continue to rise and total monthly transaction amount touched ₹18.23 lakh crore, 54 percent year-on-year higher than Dec 2022.

The value of UPI transactions has seen a considerable rise, from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23, marking a CAGR of 168%.

An NPCI circular said that UPI members can go live with the UPI Tap and Pay functionality by January 31, 2024

The new offerings include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect.

New UPI features: Conversational payments on UPI is a process where the user speaks to an AI-powered device, such as a smartphone, and requests it to conduct payments. A user will no longer need to input commands manually to transact through UPI. They can simply speak to the AI-powered solution to complete payments.

The NPCI collaborated with AI4Bharat at IIT Madras to develop Hindi and English payment language models

The new offerings include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect.