The Global Fintech Fest (GFF) 2024 is right around the corner, promising new innovations and developments in the fintech world. A key event in the financial landscape, GFF is driving innovation and connecting global leaders in fintech. With its focus on the latest trends, challenges, and developments in financial technology, GFF is a hub for networking, knowledge sharing, and collaboration.
Last year’s theme, “Global Collaboration for a Responsible Financial Ecosystem,” emphasized the importance of responsible innovation, strong regulatory frameworks, and inclusive financial practices to benefit everyone. GFF 2023 saw many exciting releases that showcased advancements in fintech aimed at improving financial inclusion, security, and efficiency. From conversational AI to credit lines on UPI, there were numerous groundbreaking disruptions introduced at GFF 2023.
As we look forward to the Global Fintech Fest 2024, which promises to feature 100+ launches, 800+ speakers, and 350+ sessions, let’s take a moment to recap some of the top launches from GFF 2023 and see how UPI has scaled since then.
5 Top Releases by NPCI in GFF 2023
Here are five standout innovations introduced by the National Payments Corporation of India (NPCI) at GFF 2023, each set to transform the digital payments landscape:
- Hello UPI: Imagine you’re in a busy marketplace and need to make a payment without fiddling with your phone. With Hello UPI, you can simply say the command, and the transaction is done.
- Introduced in September 2023 by NPCI, Hello UPI enables voice-based payments using UPI apps, phone calls, and even Internet of Things (IoT) devices.
- Hello UPI enhances the accessibility and user experience of UPI with voice assistance. Features such as user onboarding, balance inquiries, financial transactions, and complaint resolution can all be managed through voice commands.
- It was initially released with support of Hindi and English, and has since expanded to 11 other regional Indian languages.
2. UPI Lite X: You’re on a flight without internet access and want to buy a snack. Using UPI Lite X, you can still make the payment offline without any hassle.
- UPI Lite X facilitates offline transactions using NFC technology, ensuring seamless payments even without an internet connection.
- UPI Lite X allows a user to make payments even in areas with poor connectivity and networks. So whether you’re on a flight, in an elevator, or in a basement, UPI Lite X facilitates debit from the sender’s bank and credit to the receiver’s bank entirely offline.
- Governed by configurable risk rules, currently, one debit and ten credit transactions are permitted offline.
- The upper limit for a UPI LITE X transaction is Rs.500, with a cumulative daily spend limit of Rs. 4000. Both the payer and payee must have UPI LITE X offline enabled.
3. UPI Tap & Pay: Picture this – you’re in a crowded cafe and you settle your bill by just tapping a UPI smart tag on the counter, avoiding the wait and paying in an instant.
- UPI Tap & Pay leverages NFC and QR codes to facilitate faster contactless payments. It captures the Payee’s UPI ID/VPA with a simple tap, making transactions easy, secure, and instant.
- Only mobile devices equipped with NFC can access UPI Tap & Pay. In order to initiate a transaction, the user needs to locate the ‘Tap & Pay’ option within their UPI app, and tap the device on the UPI Smart Tag or UPI Smart QR code.
- For amounts up to Rs.500, UPI LITE handles the transaction (if enabled), or it can be processed through your bank account using your UPI PIN. For higher amounts, your UPI PIN provides an additional layer of security.
4. Credit lines on UPI: Ever found yourself in a situation where you needed a quick loan to buy a big purchase, like a phone or TV, during an online sale? Now, all you have to do is open your UPI app and get instant access to credit, allowing you to buy it without delay.
- Credit lines on UPI allows users swift access to pre-sanctioned credit lines through UPI.
- Users can easily access pre-approved credit lines for low-ticket, high-volume loans. This makes credit more accessible, promoting economic growth and financial inclusion.
- Banks use data analytics and artificial intelligence to identify potential credit opportunities for users who frequently make UPI payments. Banks can offer low-ticket credit lines initially and increase the credit amount based on the user’s behavior and repayment history.
- Users can gain comprehensive insights on Credit line status, utilized credit line, and existing EMI details directly within the UPI app.
5. UPI at ATM: Have you ever forgotten your wallet and found yourself needing cash urgently? This is where UPI ATMs come to the rescue.
- It is an interoperable cardless cash withdrawal service that allows users to withdraw cash from ATMs using UPI, without needing a card.
- After selecting ‘UPI cash withdrawal’ at the ATM, the customer enters the withdrawal amount. A single-use dynamic QR code appears on the ATM screen, which the customer scans with any UPI app and authorizes the transaction with their UPI PIN to receive cash.
- This service is available to customers of participating banks that support UPI-ATM. Users can withdraw cash from multiple accounts using their UPI app.
The UPI Game Changer: Razorpay Turbo UPI Launches at GFF
NPCI introduced several groundbreaking UPI innovations, including the highly anticipated UPI Plugin, which is set to revolutionize payments and serve as a game changer for the industry. This new UPI Plugin promises to enhance the efficiency and convenience of digital transactions, marking a significant advancement in the payment landscape.
Building on these innovations, Razorpay has further elevated the UPI experience with the launch of Turbo UPI. Launched in collaboration with NPCI and Axis Bank, Turbo UPI aims to revolutionize the in-app UPI payment experience. Unlike traditional UPI transactions that redirect users to third-party UPI apps, Turbo UPI offers a one-step, in-app payment process, significantly reducing friction and improving payment success rates. This seamless integration and faster transactions can benefit both businesses using Razorpay’s platform and their customers. Turbo UPI has gone live with several prominent merchants, including Ola, Ixigo, and more, showcasing its growing adoption and impact across various industries. Since its introduction last year, Turbo UPI has unveiled several new updates that enhance its functionality and capabilities.
Looking Forward to GFF 2024: The Next Evolution of UPI
Last year’s Global fintech Fest (GFF) saw NPCI’s launch of transformative UPI features that have ignited a digital payments revolution in India. These innovations have positioned UPI as a major platform, fostering financial inclusion, empowering millions, and driving a true financial revolution across India. Looking ahead, GFF 2024’s theme, “Blueprint for the next decade of finance: Responsible AI | Inclusive | Resilient,” signals a shift towards a future-oriented approach.
- Focus on Responsible AI: This emphasizes the importance of ethical considerations in developing and deploying artificial intelligence within the financial sector.
- Expectations from GFF 2024: Industry leaders, policymakers, and innovators will convene to explore how AI can drive financial inclusion, bolster security, and navigate the dynamic financial landscape.
- Razorpay’s perspective: Razorpay eagerly looks forward to GFF 2024, anticipating innovative ideas and collaborations. With a steadfast commitment to innovation and growth, Razorpay aims to contribute significantly to shaping the future of finance.
So buckle up, as we prepare to chart the course for a responsible, inclusive, and resilient future of finance!
