Monetary policy review: Soon, conversational payments on UPI using AI

India is about to embark on a new chapter in its instant payment system as the central bank has proposed the incorporation of conversational payments into the Unified Payments Interface (UPI) through artificial intelligence (AI).

The industry's swift embrace of this proposal underscores the potential for expediting the nationwide adoption of this digital platform.

Reserve Bank of India (RBI) Governor Shaktikanta Das said that talks are underway with several countries, including Japan, regarding UPI linkage.

Currently, India has such an arrangement with Singapore and has also solidified an agreement to link UPI with the Instant Payment Platform of the United