The value of UPI transactions has seen a considerable rise, from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23, marking a CAGR of 168%.
The new offerings include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect.
New UPI features: Conversational payments on UPI is a process where the user speaks to an AI-powered device, such as a smartphone, and requests it to conduct payments. A user will no longer need to input commands manually to transact through UPI. They can simply speak to the AI-powered solution to complete payments.