Reserve Bank of India (RBI) Governor Sanjay Malhotra has launched four new digital tools at the Global Fintech Festival 2025. Their aim is to make online payments smarter, faster and easier.
Now users will be able to transact, lodge complaints and even make payments from their car or smartwatch in just a few clicks. Let us understand one by one what these new features are and how they will work.
It is an AI driven support system. It is specifically designed to handle complaints and mandate management of UPI transactions. This system has been developed by the RBI team itself. Currently it is available only in English. Later it will also be launched in Indian languages.
Through this platform, users can easily check the status of their transactions, lodge complaints or track them. Also, the system itself guides you step-by-step on what the next step should be. With this, banks will also be able to resolve complaints faster, which will save time for both the user and the bank.
Now there will be no need to take out the mobile for filling petrol or charging EV. With IoT Payments i.e. Internet of Things based payment system, users will be able to make payments directly from their connected car, smart watch, smart glasses or smart TV.
This will make the transaction completely frictionless i.e. without any interruption. This feature is being considered a big step towards future smart payments.
Banking Connect is a new feature developed by NPCI Bharat BillPay Limited (NBBL). Its objective is to make internet and mobile banking easier for everyone by connecting each other.
This is part of RBI’s ‘Payments Vision 2025’. Its purpose is- ‘E-payments for Everyone, Everywhere, Everytime.’ This will make the process of settlement and dispute resolution between banks, payment aggregators and merchants faster and easier.
On this platform, users will also get easy mobile features like making payment by scanning QR code and ‘Pay via App’.
UPI Reserve Pay is special for those who make frequent online payments – like e-commerce shopping, food orders or cab bookings. Now there will be no need to enter card details or OTP every time. This feature provides a single, smooth and secure UPI experience across all major apps and platforms.
In this, users can see both their block and used credit at one place. Be it on any merchant app or UPI app. This makes complete control and tracking of payments easier.
Overall, these four initiatives of RBI are a big step towards taking India’s digital payment system to the next level. Where every payment will be easy, fast and secure.
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