NPCI has introduced two new features for UPI. These are “Tap-and-Pay” for point-of-sale (POS) terminals and an AI-powered customer support platform called “MyUPI.” Under the first feature, “Tap-and-Pay,” payments up to ₹5,000 can be made by tapping on the POS machine without entering the UPI PIN. This feature is not limited to any specific app; PhonePe, GooglePay, and Paytm users will also benefit from it. It was recently announced during the Global Fintech Fest.
According to reports, this feature allows users to turn on the NFC (Near Field Communication) feature on their smartphone and make payments by tapping on an NFC-enabled POS machine at any shop. The most special feature is that the user’s phone doesn’t need to have internet. This payment is completed using the POS machine’s internet connection. This means that payments can be processed even if there’s no internet signal at the billing counter. It supports various UPI-linked accounts, such as RuPay credit cards, and payments up to ₹5,000 can be made without a UPI PIN. Payments above that amount will require entering a PIN at the POS machine.
NPCI has announced another feature: MyUPI, which works with AI.
‘MyUPI’ is for users who want to view UPI payments made through apps from different banks in one place. According to reports, it is built on NPCI’s language model, ‘FiMI’. This feature allows users to view all their UPI payments and autopays across different banks and apps in one place.
‘MyUPI’ also offers several safety features. If a user suspects fraud, they can immediately stop the UPI payment process.
Users can remove their mobile number associated with receiving payments.
More information about the recipient can be viewed before sending money.
Users can view their past payments and repeat them from any UPI app.