A Study on Evolution of UPI towards a Voice Driven Payment System – From Taps to Talks

Abstract

Indian payments environment can witness tremendous growth due to consumer’s preference for using Unified Payments Interface (UPI). "Hello, UPI" is being kick started by the NPCI (National Payment Corporation of India) in August 2023 offers voice commands as a medium to users such as account balance checking and money transferring functionalities. Voice biometric may include relative level of security by nature compared to usual PINs or password.

The process of verification that only authorized users can gain access to the system would be based on each person's unique voice characteristics, therefore reducing the likelihood of phishing and fraud. Voice interfaces can be a great solution for enhancing the virtual accessibility which appeals to people who suffer from the visual impairments or simply have low technological literacy, resulting in financial inclusion improvement. While daily activities like paying bills, buying gifts, and shopping can be risky due to a combination of high volume transactions and the potential for excessive spending. This is the end age of this thorough process. Users can now deal with their own finances easily as everything is effortless and self-effective. The regional languages will unite both the concepts and will make it possible for other groups who are living beyond cities to join the digital tribe.

India is not 100%, yet voice based UPI transactions are still not entirely common, but they still hold great promise when it comes to their adoption in the future. The benefit of saying “Hello UPI” via the voice commands is anticipated by the purchasers, meaning it is going to help immensely when they have a lot of things to manage at once. Transactions become until they have lightened the burden.

This Study explores into the emerging potential of integrating voice interfaces with UPI, paving the way for a future of "conversational commerce." The study also looks into the issue of how widely known, perceived by customers and the potential of voice enabled UPI transactions in India. Technically, the research goals are to study user attitude to voice enable UPI and highlight where voice payment may create a new currency mode of financial transaction in the future.