Yazılar

India launches pilot to enable e-commerce payments through ChatGPT

/in /tarafından

India’s National Payments Corporation (NPCI) and Razorpay have teamed up with OpenAI to launch a pilot program that enables AI-powered e-commerce payments directly within ChatGPT. The initiative leverages India’s Unified Payments Interface (UPI), allowing users to make purchases without leaving the chat platform.

The project represents the country’s first integration of agentic AI payments, where artificial intelligence systems can independently execute transactions on behalf of users. “With agentic payments, we’re transforming AI assistants from simple discovery tools into full-fledged shopping agents,” said Harshil Mathur, CEO of Razorpay.

The pilot will test how AI agents can securely manage user payment credentials to autonomously complete purchases using UPI’s new ‘reserve pay’ feature, which sets aside funds for designated merchants.

Axis Bank and Airtel Payments Bank are serving as banking partners, while Bigbasket, owned by Tata Group, has become the first e-commerce platform to enable ChatGPT-based shopping. OpenAI’s Oliver Jay said the partnership aims to combine “advanced AI with one of the world’s most trusted real-time payment networks.”

UPI currently processes over 20 billion monthly transactions, making it the backbone of India’s digital payment ecosystem. The pilot could pave the way for AI-driven commerce, transforming chatbots into autonomous retail platforms.

India Delays UPI Market Share Cap, Benefiting Google Pay and PhonePe

/in /tarafından

India has decided to delay the implementation of market share caps for Unified Payments Interface (UPI) transactions by two years, a move that provides relief to leading digital payment apps Google Pay and Walmart-backed PhonePe. Originally set to take effect at the end of 2024, the new deadline for the market share caps is now December 2026, as announced by the National Payments Corporation of India (NPCI).

The market share cap proposal, first introduced in November 2020, aims to prevent any one digital payment firm from holding more than a 30% share of the transaction volume processed through UPI, which is a key payment platform in India. Currently, PhonePe and Google Pay dominate the UPI market, with PhonePe holding a 47.8% share and Google Pay at 37%, according to November 2024 data. Combined, the two companies processed 13.1 billion transactions in that month alone.

The decision to delay the cap is intended to foster continued growth of the UPI ecosystem while also giving smaller players more time to develop and expand their user bases. The delay has been welcomed by PhonePe and Google Pay, both of which are among the top UPI payment providers in India, alongside competitors such as Paytm, Navi, Cred, and Amazon Pay.

In addition to the market share cap delay, the NPCI has also lifted restrictions on WhatsApp Pay’s UPI product, allowing the messaging platform to onboard more users. This change is expected to further encourage competition in India’s rapidly growing digital payments market.

 

UPI One World Wallet Launched by NPCI, Enabling NRIs and International Travelers for Seamless Payments

/in /tarafından

UPI One World Wallet Lets International Travelers Use Temporary Numbers for UPI Payments

Devamını Oku