The National Payments Corporation of India (NPCI) has launched two new products called 'UPI Tap & Pay' and 'My UPI'. These were introduced at the Global Fintech Fest in Mumbai by NPCI Chairman Ajay Kumar Choudhary in the presence of the RBI Governor. The new tools are designed to make digital payments much easier for customers across the country.

UPI Tap & Pay allows users to make payments by simply touching their phone near a Point-of-Sale (POS) terminal (a device used by shops to swipe cards). The biggest advantage is that users do not need to open a UPI app to pay. This feature works even when the mobile network is very weak or if the phone is in airplane mode. Currently, 32 banks and 15 UPI apps are supporting this new technology.

'My UPI' is an Artificial Intelligence (AI) powered assistant. It brings all your UPI accounts and transaction histories from different apps into one single place. It helps users check if a merchant is trustworthy before sending money and allows for quick 'Pay Again' options for regular bills. It also has a 'Safety Switch' that can instantly stop all UPI payments if a user suspects fraud.

For bank officers, the 'My UPI' tool is very important because it simplifies complaint management. Customers can now file complaints using natural language, and the AI will handle the process. This could reduce the number of people visiting bank branches for small transaction failures. The tool is already supported by 29 banks and 25 different UPI applications.

NPCI shared some massive numbers during the launch to show how big UPI has become. The platform now processes 24 billion transactions every month. So far, a total of 49 billion transactions have been completed. Interestingly, biometric payments (using fingerprints or face ID) have already handled $700 billion worth of transactions, showing that users trust high-tech security.

These updates will change how bank staff explain UPI to customers. Instead of just scanning QR codes, staff can now promote 'Tap & Pay' for faster checkouts at busy stores. The AI assistant will also help in delinking mobile numbers from old UPI IDs, which is a common request at bank help desks.

In the coming months, more banks and payment service providers are expected to join these platforms. Bankers should watch for updates from their own IT departments regarding the integration of 'My UPI' features. As these tools become common, the goal is to provide greater choice and trust for every Indian banking customer.