At ( long ) last , voice of illiterate, will be heard

 

 

Dear Shri Shaktikanta Dasji,

 

Congratulations for this initiative for which I have waited for 7 years ( even

though I am unlikely to use it myself, being 90 + and confined to my home )

And allow me to add :

Even those millions of illiterate Indian Citizen who were “ not waiting “ ( in

absence of any idea about this possibility ), will thank you for making their lives

EASY / SIMPLE , by enabling them to make payments ( for their small purchases )

by just speaking

 

Context :

Soon, AI will let you make a UPI payment using voice  … Hindu  ….. 10 Aug 2023

 

Extract :

In a move to make United Payments Interface (UPI) more user-friendly and to increase its popularity, the Reserve Bank of India (RBI) has proposed incorporating Artificial Intelligence-powered conversational features on UPI, to enable digital payments through voice commands.

The RBI has also announced plans to enhance the transaction limit for small-value digital payments in offline mode from ₹200 to ₹500 with the overall limit being retained at ₹2,000 per payment instrument to contain the risks associated with relaxation of two-factor authentication.

“As 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. It is, therefore, proposed to launch an innovative payment mode viz., ‘Conversational Payments’ on UPI,” RBI Governor Shaktikanta Das announced on Thursday.

This feature will enable users to engage in a conversation with an AI-powered system to “initiate and complete transactions in a safe and secure environment”. 

 “While payments through QR code are easy for everyone, the introduction of ‘ Conversational Payments ’ on UPI has the potential to take ease of payments to the next level. Those who find it difficult to navigate through a mobile application for making digital payments or want to save time, will now be able to execute UPI transactions with ease,” he added

This channel will be made available in both smartphone- and feature phone-based UPI channels, thereby helping in the deepening of digital payments’ penetration in the country. 

The facility will initially be available in Hindi and English and will subsequently be made available in more Indian languages. The RBI will soon issue instructions to its subsidiary, the National Payment Corporation of India (NPCI), which had developed the UPI system and now operates it.

He said Conversational Payments within the UPI framework would revolutionise the way users conduct transactions, harnessing the capabilities of advanced technologies such as AI. “It’s plausible that the payment process will involve leveraging a Chatbot. The transaction itself will unfold in real-time conversation between two participants: a chat operator and the payment facilitator,” he said.

“The chatbot will play a pivotal role by providing the user with a direct payment link or QR code. This mechanism will enable the user to execute the payment seamlessly during the on-going conversation,” Mr. Jain added.

“This AI-driven model ensures swift and secure transactions, safeguarding users within a consolidated environment. This will further enhance the user experience, offering a seamless, transparent, and highly convenient payment solution,” he added.

In yet another improvement to the UPI ecosystem and to promote UPI-Lite, an on-device wallet introduced in September 2022, the RBI is also planning to facilitate offline transaction using Near Field Communication (NFC) technology.

NFC is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm or less. 

“This feature will not only enable retail digital payments in situations where internet or telecom connectivity is weak or not available, it will also ensure speed with minimal transaction declines,” the RBI said adding it would soon issue instructions to NPCI on this front too.

UPI-Lite was introduced to increase the speed of small-value transactions on UPI and to optimise processing resources for banks, thereby reducing transaction failures. This product has now gained traction and currently records more than 10 million transactions a month. The facility for offline transaction is expected to increase the number of transactions manifold.

 

My Take :

 

Ø  How to go Cash - Less ?  …………………. 27 Nov 2016

 

Extract :

 

Dear Shri Amitabh :

 

Like you ( and of course , Shri Modiji ), I have a great faith in the ability of Indian

software engineers ( local or NRI ) to come up with revolutionary solutions /

innovations !

 

Just ask Sundar Pichai , Sam Pitroda , Satya Nadela , Sachin Katti , Pranav

Mistry , Sanjay Sarma , Nandan Nilekani etc , if they will help implement the

following :

 ==============================================

*  Buyer  buys something worth Rs 100 from a shopkeeper

 

*  Buyer and the Seller , look into their own mobile-cameras ( of  smart phones

   loaded with M-Rup ) for biometric Aadhar identification / linked to Jan Dhan a/c 

 

*  Seller speaks in his mobile : " Muze Sau Rupiah dedo "

 

*  Buyer speaks in his mobile : " Inko Sau Rupiah dedo "

 

*  Message flashes in the mobile screen of Seller : " Tumhare account-me Sau

    Rupiah Jamah ho gaya / GST bhi kaat ke Sarkar-ko bhej diya "

 

    

*  Message flashes in the mobile screen of Buyer : " Tumhare account-se , Sau

   Rupiah inko Bhej Diya . Abhi balance me teen sau sath rupiah bacha hai "

 

   ======================================

I request all concerned , not to insult our engineers / scientists / geeks , by

doubting if such SIMPLIFICATION ( based on day to day spoken language ) is

possible

 

Doubting Thomas may want to look up ... PILOT   

 

This is the only way rural India can bypass the Jurassic Age of Plastic Cards to

usher into a CASH-LESS society !

 

With regards,

Hemen Parekh

www.hemenparekh.ai  /  12 Aug 2023

==============================================

Here is how BARD compared the two methods :

Overall, both voice-based payments and conversational payments are convenient and contactless ways to make payments. However, voice-based payments with facial recognition are more secure, while conversational payments are easier to use.

Here is a more detailed comparison of the two payment methods:

• Authentication method: Voice-based payments using mobile phone-based facial recognition authenticates users by matching their voice to a pre-recorded voiceprint and their facial features to a pre-recorded facial image. This is the most secure form of voice-based payment, as it is very difficult to spoof both the voice and the facial features.

• Device requirements: Voice-based payments using mobile phone-based facial recognition require a smartphone with a voice assistant and a front-facing camera. This limits the availability of this payment method to people who own a compatible smartphone.

• Transaction limits: The transaction limit for voice-based payments using mobile phone-based facial recognition is up to INR 5,000 per transaction. This is a relatively high limit, making it suitable for most everyday purchases.

• Availability: Voice-based payments using mobile phone-based facial recognition is currently in limited testing. It is not yet available to the general public.

• Pros: Voice-based payments using mobile phone-based facial recognition are convenient, secure, and contactless. They can be used to make payments without having to touch any physical surfaces, which is ideal in the age of COVID-19. They are also very secure, as they use two different biometric factors to authenticate users.

• Cons: Voice-based payments using mobile phone-based facial recognition can be slow and cumbersome if the voice recognition is not accurate. This can be a problem if you are in a hurry to make a payment. Additionally, this payment method requires a compatible smartphone, which limits its availability.

• Authentication method: Conversational payments authenticate users by asking them a series of questions about their personal information. This information is then used to verify the user's identity. Conversational payments do not require any biometric data, such as a voiceprint or facial image.

• Device requirements: Conversational payments only require a smartphone with a voice assistant. This makes it a more accessible payment method than voice-based payments using mobile phone-based facial recognition.

• Transaction limits: The transaction limit for conversational payments is up to INR 500 per transaction. This is a lower limit than voice-based payments using mobile phone-based facial recognition, but it is still sufficient for most everyday purchases.

• Availability: Conversational payments are available nationwide. This makes it a more widely available payment method than voice-based payments using mobile phone-based facial recognition, which is currently in limited testing.

• Pros: Conversational payments are easy to use, even for people with disabilities. They can also be used in areas with poor network connectivity, as they do not require an internet connection.

• Cons: Conversational payments are not as secure as voice-based payments using mobile phone-based facial recognition. This is because they do not use any biometric data to authenticate users. Additionally, conversational payments can be more vulnerable to fraud, as they rely on the user's ability to remember their personal information.

Ultimately, the best payment method for you will depend on your individual needs and preferences. If you are looking for a secure and convenient way to make payments, then voice-based payments using mobile phone-based facial recognition is a good option. However, if you are looking for a more accessible and easy-to-use payment method, then conversational payments may be a better choice.