Reserve Bank of India Archives

AI voice transactions more readily available for mobile payments in India

08/28/202308/28/2023 Jennifer Goula

AI voice transactions - Voice technology on phone

The country’s UPI intends to roll out these services more expansively to rural users. The mobile payments system in India has taken off explosively since it first launched in 2016 and is now receiving an AI voice transactions upgrade to broaden access to these services. The service already has about 350 million active users who made almost 10 billion transactions last month. The AI voice transactions feature makes it possible for a consumer to complete digital payments both offline and through their voices. The purpose is to better reach communities…

Indian regulator bans new QR codes from being launched in the country

10/29/202010/28/2020 L. Green

The Reserve Bank of India is stopping the nation’s payment system operators from issuing its proprietary barcodes. The Indian banking regulator, the Reserve Bank of India, has announced that it is banning the generation of new QR codes that would have been the foundation of a new mobile payments system in the country. The regulator has stated that the new proprietary quick response codes will no longer be permitted. The national payment system is no longer allowed to issue new QR codes from its proprietary format for the purpose of…