A gathering of financial titans and tech visionaries, the Global Fintech Festival ’23 (5^th – 7^th Sep 2023, Mumbai, India) left me exhilarated and overjoyed. Being able to learn from the best, I couldn’t help but appreciate all of them. Yet, one moment stood out to me the most – the transformation of UPI (United Payments Interface) and its remarkable journey.

These are the 7 must-know highlights for banks intending to create the penultimate banking experience I’ve gathered from the Global Fintech Festival ’23.  ‍

1. Sachetisation of Loans with ‘Credit Line on UPI’:

‘Credit Line on UPI’ – this single announcement from the National Payments Corporation of India (NPCI) had everyone in raptures during the festival. Introducing the ‘sachetisation of loans’ concept, users could now offer pre-approved personal loans starting as low as INR 1,000.

Credit Line on UPI is now being accessible through specific banks such as:

• ICICI Bank
• State Bank of India  
• Paytm
• Axis Bank
• HDFC Bank.

2. UPI for Feature Phones:

NPCI didn’t stop there. Recognizing UPI’s limited reach to smartphone users, NPCI continued to shatter barriers by launching UPI on feature phones. This move extends access to more than 60% of India’s population in tier 3 to 6 cities and rural areas. It was inevitably one of the best innovations from UPI that we’ve seen in a long time, representing how monumental its stride is in financial inclusion.  

3. Voice-Powered Transactions with ‘Hello UPI’:

We’ve also been treated to the long-awaited “Hello UPI”, the bank’s voice-powered transaction system.  

• Customers can now transfer money through voice commands.  

This breakthrough empowers banks to provide microphone-based payment services, safeguarding data within the homeland.

4. Global Expansion of UPI:

UPI continued to cement its global stature and towering influence, announcing plans to make its infrastructure and systems accessible in over 20 countries by 2030. As it stands, it’s already making waves in 5 nations, with intentions of being tested at the;

• #g20 summit, offering foreign delegates seamless payments at merchant POS terminals.

5. Offline UPI Transactions via NFC:

UPI also improved how we pay. Thanks to UPI’s new offline mode via NFC, connectivity hurdles are no longer a barrier to peer-to-peer (P2P) or point-of-sale (POS) transactions. Whether you’re using Android or iOS, tap-and-pay technology ensures a smooth, network-independent transaction experience.

6. Rupay’s Expansion with RuPay Credit Cards:

Other banks also had the limelight, most notably Rupay. In collaboration with significant fintechs and banks, NPCI fortified the homegrown payment network by launching Rupay credit cards. This initiative will prove pivotal to:

• Increasing credit availability
• Simplifying the loan origination process
• Advancing financial accessibility

7. Digital Rupee Pilot by RBI:

Last but not least, the Digital Rupee Pilot by RBI (Reserve Bank of India) was indeed a welcome surprise for many at the Global Fintech Festival ’23. Here, RBI argues how QR scanning will be key to unlocking the potential of this digital currency.

RBI also remains bullish on extending its use at merchant POS terminals.

Overall, the Global Fintech Festival ’23 was a testament to the innovative spirit driving the BFSI industry. From UPI’s remarkable evolution with groundbreaking initiatives to propelling India’s financial landscape into uncharted territories, it’s clear that the future of finance is brighter than ever. Stay tuned for more updates on this exhilarating journey.

If you’re reading this as a representative who attended this year’s GFF Mumbai, India – drop a comment and share your key takeaways we might have missed out on! Or, if you’re reading as a twimbit client who wants to learn more, reach out to us at [email protected] and let’s discuss this further in an inquiry specific to your organization.

#gff #payments #cbdc #fintech #financialinclusion

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