PERSONAL FINANCE
Discover the workings of Conversational UPI, a revolutionary voice-based payment system set to transform digital transactions.
In a significant development, voice-enabled UPI payments are set to revolutionize digital transactions in India. RBI Governor Shaktikanta Das recently announced the upcoming launch of conversational UPI at the Global Fintech Festival in Mumbai.
Hello! UPI: The voice command-based UPI payments feature: This innovative feature is poised to make fund transfers easier for Indians who are fluent in their native languages. It promises to benefit senior citizens and those less familiar with digital interfaces.
Through this new feature, users will be able to make voice-enabled UPI payments in Hindi and English, with support for regional languages in the pipeline. To initiate a transaction, users simply need to provide a voice command and input their UPI PIN to confirm the payment.
The National Payments Corporation of India (NPCI) has collaborated with the Bhashini program, AI4Bharat at IIT Madras, to develop payment language models in Hindi and English.
In its white paper titled 'Conversational Payments on UPI: Unlocking New Frontiers for Next-Generation Payments,' NPCI highlights the rapid growth of voice search queries, recording a staggering 270% annual increase.
Conversational UPI: Two modes- This groundbreaking feature will eliminate the need for manual inputs. Users can interact with an AI-powered solution to complete transactions, available in two modes:
1. On-call: Users can dial a specified number, where they will be guided through an interactive voice response (IVR) system to finalize the payment.
2. In-app: This mode enables users to use voice commands within any UPI app to conduct transactions. The service integrates seamlessly with existing UPI apps, recognizing verbal requests and responding accordingly.
How Conversational UPI Works The technology behind Conversational UPI involves several steps:
1. Analog to digital conversion: Human speech is converted into a digital format.
2. Automatic speech recognition: Voice inputs are transformed into text.
3. Machine translation NLP: Natural Language Processing captures user intent and translates voice input to English.
4. Text-to-speech: Machine verifies user intent.
5. Voice output: Upon understanding user intent, the system provides a voice response.
This innovation promises a more intuitive and user-friendly experience for digital transactions. As users engage with the system, AI continually learns and improves its ability to fulfill user requests.
BillPay Connect – Conversational Bill Payments: As part of this advancement, Bharat BillPay introduces a nationalized number for bill payments across India. Customers can initiate bill payments by sending a simple message on a messaging app. Additionally, customers without smartphones or immediate mobile data access can pay bills by giving a missed call. This approach enhances accessibility and convenience for bill payments.
Moreover, the BillPay Connect feature offers Voice-Assisted Bill Payments. Customers can fetch and pay bills using voice commands on smart home devices, receiving instant voice confirmations. This secure and efficient method extends to bill payments made at physical collection centers through payment soundbox devices.
Conversational UPI and BillPay Connect represent significant steps toward enhancing security and accessibility in digital transactions, benefiting both customers and collection centers.
Read more: From PPF, NSC to KVP: Government to revise Small Savings Scheme interest rates by end of September
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?
Delhi records coldest night of the season, temp drops to...
Crossing the Line: Ukraine's Use of Storm Shadow Missiles and the Escalation of Conflict
When Malaika Arora talked about the controversial ‘instant pleasure’ ad, it was for…
This is the world’s most expensive shopping street, not Fifth Avenue, New Bond Street, it is...
Big setback for Gautam Adani, Kenya cancels Rs 6216 crore deal with Adani Group due to...
Viral video: Man’s jugaad to stay warm in winter will leave you SHOCKED, watch here
Hinduja Group firm gets key approval for acquisition of Anil Ambani's debt-ridden Reliance Capital
Viral video: Middle-Class man lives dream of having tea at Taj Hotel, netizens applauds
Shloka Mehta looks stunning in white floral kurta as she clicked with Akash Ambani, it costs Rs....
Who is Sagar Adani, Gautam Adani's nephew, accused of bribery, fraud charges in US?
PayPal down: Several users face issue while logging into accounts, say 'no one could...'
IND vs AUS: Jasprit Bumrah, Pat Cummins eye historic captaincy milestone in Perth Test
BGT 2024, Ind vs Aus: Can Shubhman Gill be the new Cheteshwar Pujara? Is he really ready?
The Ultimate Guide to Luxury Gifting: Discover Heirloom Pashmina by Pashmina.com
Effortless Relocations: The Perks Of Professional Removalists In Melbourne
Watch: Pakistan fan with 'Imran Khan' poster asked to leave Hobart stadium in Australia
International Criminal Court issues arrest warrant against Israeli PM Benjamin Netanyahu for...
What is demisexuality? Everything you need to know about this lesser-known sexual orientation
WATCH: World’s shortest woman meets world’s tallest woman, video goes viral
IND vs AUS 1st Test: Predicted playing XIs, Perth weather forecast and pitch report
IND vs AUS: When will Rohit Sharma join India squad? Check latest update
'Scam 2024': Diljit Dosanjh lookalike pranks people on Pune streets, video goes viral
Delhi Air Pollution: Centre announces staggered work timings for govt employees; check details
Mukesh Ambani's Reliance Jio loses nearly 80 lakh subscribers in just 30 days, BSNL adds...
IND vs AUS, 1st Test Dream11 prediction: Fantasy cricket tips for India vs Australia match
This country has most expensive passport in world, not US, UK, UAE, it costs Rs...
Amitabh Bachchan opens up on Aishwarya Rai-Abhishek Bachchan divorce rumours
Amid rising air pollution, Delhi-NCR's crematorium records cleanest air; check AQI here
Revolutionising Medical Imaging: Venudhar Rao Hajari’s impact on healthcare technology
Abhishek Gupta and Onevision Media: Scaling brands on social media
Video shows Korean girl eating jalebi for first time, her reaction to Indian sweet goes viral
Cristiano Ronaldo confirms THIS YouTube star as his next guest, says, 'Will break Internet'
Delhi Assembly Elections: AAP releases first list of 11 candidates for 2025 polls
Adani Group's FIRST REACTION after US indicts Gautam Adani in alleged bribery case
Instagram introduces new feature, know how to reset app's algorithm, change your feed
No mention of Aaradhya Bachchan in Amitabh Bachchan's post on birthdays, it happened recently
Oppo Find X8 and X8 Pro launched in India, check specifications, price, other details
Charges against Gautam Adani: BJP's scathing attack on Congress, questions timing of development
Jasprit Bumrah's BIG statement on taking up Perth test captaincy, says, 'tactically better...'
Blackout on breaks: Company imposes no-sick-leave policy until 2025
Drug-laden terrorists on India's western, northern frontiers
Mohammad Shami trolls Sanjay Manjrekar over IPL auction bid prediction, says, 'Baba ki...'
IND vs AUS Test: When and where to watch 1st match of Border-Gavaskar trophy, know details here
CAQM amends Grap Stages III, IV, enforces stricter measures in Delhi-NCR amid air pollution woes
Malayalam actor Meghanathan passes away at 60 after suffering from...
Adani Green Energy's FIRST reaction after US indicts Gautam Adani in alleged bribery case
'Keep me out of...': Pakistani Instagram star Mathira on MMS leak controversy
Delhi Air Pollution: AQI marginally improves from 'severe' to 'very poor' category
Meet actress who worked with Alia Bhatt, was asked to 'compromise', connected to Aishwarya Rai by..
Aishwarya Rai’s remark on Amitabh Bachchan’s ‘habits’ goes viral amid divorce rumours with Abhishek
Rekha's BOLD statement about Amitabh Bachchan goes viral, 'why hurt...'
Meet man, IITian who built Rs 5493 crore firm, has this Mukesh Ambani connection, he is from...
Shillong Teer Results TODAY November 21, 2024 Live Updates: Check winning numbers here
‘I didn’t have time to…’: When AR Rahman revealed having ‘agreement’ before marriage to Saira Banu
Amitabh Bachchan praises Abhishek Bachchan's new film, netizens ask 'kash ye Aishwarya...'
Viral video: Woman's sizzling belly dance to 'Namak' impresses internet, watch
Hardik Pandya banned, Mumbai Indians captain to miss first match of IPL 2025 due to...
Meet man who studied at IIM, IIT, then built Rs 1160000000 company, got inspired by…
Meet woman, who quit as dentist for UPSC exam, became IAS officer with AIR...