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India launches pilot to enable e-commerce payments through ChatGPT

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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 Shies Away from Full Crypto Regulation, Citing Systemic Risk Concerns

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India is unlikely to adopt a comprehensive legal framework for cryptocurrencies, opting instead for partial oversight to avoid exposing its financial system to systemic risks, according to a government document seen by Reuters.

Key Points from the Document

  • RBI’s stance: The Reserve Bank of India believes regulating cryptocurrencies would effectively grant them legitimacy and could allow the sector to grow into a systemic risk.

  • Legislation status: A 2021 draft bill to ban private cryptocurrencies was never passed. A planned 2024 discussion paper was deferred pending U.S. regulatory clarity.

  • Ban vs. regulation: While a ban could curb speculative risks, it would not eliminate peer-to-peer transfers or trading on decentralized exchanges.

  • Current approach:

    • Global exchanges may operate in India if they register locally and comply with anti–money laundering checks.

    • Punitive taxes discourage speculative activity.

    • Current laws act as a deterrent against fraud and illegal use.

  • Scale of adoption: Indians hold about $4.5 billion in crypto assets, which remains non-systemic for financial stability at present.

Global Context

  • United States: Under President Trump, the U.S. legalized wider use of stablecoins via the GENIUS Act (July 2025).

  • China: Continues to ban cryptocurrencies but is considering a Yuan-backed stablecoin.

  • Japan & Australia: Developing cautious regulatory frameworks without aggressive promotion.

Stablecoin Concerns

  • The document highlights that widespread adoption of dollar-backed stablecoins could:

    • Fragment India’s Unified Payment Interface (UPI) system.

    • Weaken domestic payment infrastructure.

    • Create new risks from liquidity shocks and global market volatility.

Outlook

India’s “wait-and-watch” approach underscores a balancing act: deterring speculative trading without granting legitimacy that could make crypto mainstream. While global peers move toward clearer frameworks, India seems intent on limiting crypto’s footprint in its financial system until international standards stabilize.

RBI Committee Recommends AI Framework for India’s Financial Sector

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A Reserve Bank of India (RBI) committee has proposed a comprehensive framework to develop AI capabilities in the country’s financial sector while managing associated risks. The recommendations, released Wednesday, aim to balance innovation with security and governance.

Key proposals include creating digital infrastructure for building indigenous AI models, establishing a multi-stakeholder committee to assess risks and opportunities, and setting up a fund to support homegrown AI solutions tailored to India’s financial services. The report contains 26 recommendations across six areas: infrastructure, capacity, policy, governance, protection, and assurance.

Other notable suggestions include integrating AI with digital public platforms such as the Unified Payments Interface (UPI) and designing audit frameworks for responsible AI adoption. The committee, led by IIT Bombay computer scientist Pushpak Bhattacharyya, was tasked with developing the Framework for Responsible and Ethical Enablement of AI (FREEAI). The RBI emphasized that regulating AI requires balancing societal benefits with risk mitigation.