At the Global Fintech Festival (GFF) 2025 held in Mumbai on October 8, 2025, the Governor of the Reserve Bank of India (RBI), Shri Sanjay Malhotra, introduced four groundbreaking digital payment initiatives: AI-based UPI HELP, IoT Payments with UPI, the interoperable net banking solution Banking Connect, and UPI Reserve Pay. These launches, in the presence of key industry figures like Shri Nandan Nilekani of Infosys and Shri Ajay Kumar Choudhary of NPCI, are set to redefine the digital payment landscape in India.
Here’s a simple breakdown of the newly launched products:
1. AI-Powered UPI HELP: Your Personal Payment Assistant
Imagine having a smart assistant to help with your UPI queries. That’s exactly what UPI HELP is. It’s an AI-based system designed to make resolving your payment issues easier and faster.
- What it is: A support system powered by a Small Language Model (SLM) developed by the National Payments Corporation of India (NPCI).
- What it does:
- Lets you check the status of your transactions.
- Helps you raise and track complaints effortlessly.
- Assists in managing your payment mandates.
- Provides clear guidance on your queries.
- Current Language: English, with plans to add more Indian languages soon.
- Key Benefit: This system aims to build greater trust among users by providing quick and accurate solutions, making digital payments even more secure and user-friendly.
2. IoT Payments with UPI: Pay on the Go with Your Devices
This initiative extends UPI payments beyond your smartphone to a variety of connected devices, making everyday transactions seamless.
- What it is: A system that allows Internet of Things (IoT) devices like your car, smartwatch, or smart TV to make UPI payments directly.
- How it works: You can authorize your connected devices to make payments based on certain triggers or commands (voice or text). For instance, your car could automatically pay for fuel or EV charging.
- Key Benefit: It offers a new level of convenience by integrating payments into the devices you use daily, making transactions faster and more intuitive.
3. Banking Connect: A Unified Net Banking Experience
Banking Connect is an interoperable net banking solution designed to simplify online payments for both customers and merchants.
- What it is: A platform by NPCI Bharat BillPay Limited (NBBL) that allows different banks’ net banking systems to work together seamlessly.
- Problems it solves:
- Eliminates the need for merchants to integrate with multiple banks individually.
- Simplifies the payment process for customers, who can use their bank’s app for all online transactions.
- Standardizes the process for settlement, reconciliation, and handling disputes.
- Key Features: It offers mobile-friendly payment options like QR codes and Intent-based payments.
- Key Benefit: This creates a more efficient and user-friendly net banking ecosystem, benefiting customers, merchants, and banks.
4. UPI Reserve Pay: Block and Manage Your Credit for Easy Payments
UPI Reserve Pay introduces a new way to manage your credit for recurring online purchases, offering more control and transparency.
- What it is: A feature that allows you to block a portion of your credit card or pre-sanctioned credit line for specific merchants.
- How it works: You can set aside funds for your favourite e-commerce sites, food delivery apps, or cab services. This makes repeat payments smoother and feel like a native UPI transaction.
- What you can see: You get a clear view of your blocked and spent credit across all your UPI and merchant apps.
- Key Benefit: This feature provides greater flexibility and control over your credit, enhancing security and convenience for online shopping.
These initiatives underscore India’s commitment to advancing its digital economy. By focusing on innovation and inclusivity, the RBI and NPCI are paving the way for a future where digital payments are even more secure, accessible, and integrated into our daily lives.
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