Ajay Kumar Choudhary, non-executive chairman at the National Payments Corporation of India, during the Global Fintech Fest in Mumbai, India, on Thursday, Sept. 10, 2026.
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The National Payments Corporation of India (NPCI) unveiled two new products at the Global Fintech Fest, UPI Tap & Pay and My UPI, an AI-powered payments assistant, marking a significant expansion of the country's digital payments infrastructure.UPI Tap & Pay allows users to complete payments by simply bringing their phone close to a point-of-sale terminal, without opening a UPI application. The feature works even in low or no network conditions, including in airplane mode. The product is currently backed by 32 banks, 15 UPI applications, eight acquirers and aggregators, and 18 payment service providers.My UPI is an AI-powered assistant designed to consolidate payment controls, transaction history, complaint management, and safety features across all UPI apps and accounts into one interface. Key features include a merchant trust check before payments, a “Pay Again” option for repeat transactions, automated complaint filing in natural language, mobile number de-linking from UPI IDs, and a safety switch to instantly pause all UPI debits. My UPI is supported by 29 banks, 25 UPI applications, and 14 technology service providers.NPCI noted that UPI currently processes 24 billion transactions a month, with 592 million transactions settling on time, and 49 billion total transactions already completed. The platform has seen $700 billion transacted via biometrics alone. “Innovation must ultimately translate into simplicity, greater choice, and greater trust for the user,” an official said at the launch.The launches were made in the presence of the Governor of the Reserve Bank of India.Published on September 10, 2026
