 "RBI launches four UPI initiatives at Global Fintech Festival 2025")
The RBI on Wednesday launched four new digital payment initiatives — Internet-of-Things (IoT)-based UPI Payments, an interoperable net banking solution, UPI Reserve Pay, and AI-based UPI Help powered by NPCI’s Small Language Model (SLM) at the Global Fintech Festival. It also introduced biometric authentication for approving UPI payments without PINs, and a face authentication feature using UIDAI’s app-based biometrics to simplify onboarding and remove the need for debit cards to set UPI PINs.
IoT payments with UPI: Users can make UPI payments for services like fuel, EV charging, or other services via connected cars, smart glasses, or smart TVs Banking Connect: Allows interoperability between banks and payment aggregators. PAs gain access to all participating banks with a single integration.
UPI Reserve Pay: Users can block part of credit cards or pre-sanctioned credit limits to simplify repeat purchases across
e-commerce platforms, food delivery apps, cab aggregators AI-based UPI Help: AI-powered support system addressing complaint resolution and mandate management. Users can check transaction status, raise and track complaints, manage mandates, and provide contextual guidance.