Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra introduced a set of breakthrough digital payment solutions at the Global Fintech Festival (GFF) 2025 in Mumbai, reflecting India’s continued leadership in global fintech innovation. The launch, attended by Shri Nandan Nilekani, Co-Founder & Chairman, Infosys and Hon. Advisor to NPCI on Innovations & Public Policy, Shri Ajay Kumar Choudhary, Non-Executive Chairman, NPCI, and key industry stakeholders, showcased the growing momentum of India’s digital transformation journey.
The first initiative, AI-based UPI HELP, leverages NPCI’s Small Language Model (SLM) to deliver real-time user guidance for payments, mandates, and dispute resolution within UPI apps. This in-house developed AI assistant, initially in English, is trained using payment data to deliver accurate and rapid support, from checking transaction status to raising complaints and mandate management. Its privacy safeguards and contextual assistance streamline operations for banks while empowering users with faster, effortless support, reflecting India’s push for AI-driven financial empowerment.
The second product, IoT Payments with UPI, moves India’s payments system beyond smartphones and enables seamless, user-authorized payments directly from smart cars, TVs, wearables, and other connected devices. Triggered via contextual inputs, routines, and voice or text commands, this solution brings major convenience for a variety of services – from EV charging to home retail purchases – strengthening India’s ‘Digital India’ vision with future-ready, IoT-enabled payment infrastructure.
Banking Connect, the third innovation, is an interoperable net banking network from NPCI Bharat BillPay Limited (NBBL) that standardizes merchant onboarding and settlement across banks and payment aggregators. Through mobile-first QR and intent-based options, Banking Connect removes historic pain points of fragmented interfaces and complex integrations, offering merchants and consumers a unified, efficient, and secure payment journey.
Also Read: Bajaj Finserv unveils Bajaj General Insurance and Bajaj Life Insurance after full acquisition
Finally, UPI Reserve Pay (Single Block Multiple Debt) empowers users to block and manage credit card or credit line limits for recurring e-commerce, food, and mobility transactions, increasing transparency and control across merchant and UPI apps. Together, these launches underscore India’s commitment to building a secure, innovative digital economy that is scalable and inclusive, ensuring trust and convenience for citizens and businesses alike.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
