 "RBI")
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.
 "PFRDA Chairman S Ramann")
 "RBI Governor, Sanjay Malhotra")
 "CS Setty, SBI Chairman")
 "Rahul Chari")
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