The Reserve Bank of India (RBI), the country’s central bank, has published a press release that floated the idea of using artificial intelligence (AI) on conversational payments in the unified payments interface (UPI), which is an instant payment system developed in India.
On Aug. 10, the RBI recognized that UPI has transformed digital payments in India, citing its ease of usage, safety and security. The central bank also noted that adding new features allowed the platform to cater to the diverse needs of the country’s economy. As technology progresses further, the RBI said that there’s a potential in developing an AI-powered system that will initiate and complete transactions through a conversation. The RBI wrote: