It also launched ‘IoT Payments‘ with UPI’ for enabling transactions directly from connected devices such as cars, smart TVs, and wearables.
RBI also launched ‘Banking Connect’ an interoperable net banking solution offering seamless payments and standardized merchant onboarding. The RBI also launched ‘UPI Reserve Pay’ that will allow users to securely block and manage credit limits for specific purposes across merchant and UPI apps.
UPI HELP reinforces customer trust using AI-driven innovation, giving citizens secure and easy access to financial services.
IoTs Payments can initiate UPI payments based on contextual triggers, routines, voice, or text instructions, operating across devices or cloud environments within user-defined limits. Users can make instant payments for services like fuel, EV charging, or other services via connected cars, smart glasses, or smart TVs, making transactions faster, smarter, and frictionless.