RBI Unveils UPI 'Tap & Pay' and AI-Powered 'MyUPI' Platform at Global Fintech Fest
The Reserve Bank of India (RBI) Governor Sanjay Malhotra unveiled two major customer-centric digital payment innovations at the Global Fintech Fest (GFF) 2026 in Mumbai on Thursday, September 10, 2026. Developed by the National Payments Corporation of India (NPCI), the new offerings include UPI 'Tap & Pay' on Point-of-Sale (POS) terminals and an AI-driven customer support platform named 'MyUPI'.
UPI 'Tap & Pay' enables users with Near Field Communication (NFC) enabled smartphones to complete transactions by unlocking their phone and tapping it on a compatible POS terminal. Significantly, the feature does not require active mobile internet on the user's phone, as it uses the merchant's POS terminal internet connection to process transactions. Payments of up to ₹5,000 can be executed without entering a UPI PIN, making everyday store transactions faster and seamless.
Alongside Tap & Pay, the RBI introduced 'MyUPI', an AI-powered platform built on NPCI's Small Language Model (FiMI). Integrated into the expanded UPI Help framework, MyUPI offers users a unified dashboard to manage transaction history, view recurring AutoPay mandates, and exercise advanced safety controls. Users can instantly activate a 'Safety Switch' to decline UPI debit transactions if they suspect their account is compromised. The initiatives aim to improve transaction speed, connectivity resilience, and consumer trust across India's digital payment ecosystem.
