The Reserve Bank of India (RBI) has released a press release proposing the use of artificial intelligence (AI) for conversational payments in the Unified Payments Interface (UPI), an instant payment system developed in India.

Very Big Developments on UPI by RBI

• NFC (Tap & Pay) Based Payments with UPI
• UPI Conversational Payments using AI
• UPI Lite Limit Raised from ₹200 to ₹500 India is Probably Witnessing the Biggest Revolution in FinTech & Digital Payments

On August 10, the Reserve Bank of India acknowledged that UPI has changed India's digital payment landscape, citing its ease of use and security. The RBI also noted that adding new features would enable the platform to meet the diverse needs of the Indian economy. The RBI stated that with further technological advancements, it is possible to develop an AI-driven system that initiates and completes transactions through conversation.

According to the announcement, the system will be used in smartphone and feature phone-based UPI channels. The RBI believes this will help deepen digital penetration within the country. As for language support, the system will initially be available in Hindi and English versions, with future updates to support more Indian languages.

While artificial intelligence certainly has enormous potential benefits, it also brings many risks and challenges. On August 9, Zhao Changpeng, CEO of Binance, pointed out the potential risks of artificial intelligence from a "video verification" perspective after seeing an AI-driven avatar that closely resembled a real person.

Similarly, the music industry has indicated that AI-generated voices can sound identical to those of highly popular musicians. As a result, it is reported that Universal Music Group and Google have begun negotiations for artists to use melodies and vocal tracks in AI-generated songs.

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