RBI Explores AI for Conversational Payments in India

The Reserve Bank of India (RBI), the country’s central bank, has issued a press release proposing the use of artificial intelligence (AI) for conversational payments in India’s immediate payment system, the unified payments interface (UPI).

The Reserve Bank of India acknowledged on August 10 that UPI has transformed digital payments in India, citing its usability, safety, and security.

The central bank also noted that the addition of new features had made it possible for the platform to meet the various demands of the economy.

As technology advances, the RBI believes it may be possible to create an AI-powered system that initiates and completes transactions through conversation.

The system will be accessible via UPI channels on smartphones and feature phones, according to the RBI’s announcement. The RBI believes that this will increase digital penetration throughout the nation. RBI said:

“As artificial intelligence (AI) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system.”

In terms of language support, it will initially be available in Hindi and English, with future updates adding support for additional Indian languages.

AI has enormous potential for good, but it can also present several hazards and difficulties.

The CEO of Binance, Changpeng Zhao, stated on August 9 that AI is beginning to pose risks from a “video verification” standpoint after observing the high quality of an AI-powered avatar that resembles a real person.

Similarly, the music industry has demonstrated that computer-generated voices can sound identical to those of prominent musicians.

Universal Music Group and Google have reportedly begun discussing the licensing of artists’ melodies and vocal tracks for use in AI-generated compositions.