What if we say that soon you will soon be able to make payments through AI platform ChatGPT? Open AI, the creator of ChatGPT has partnered with the National Payments Corporation of India (NPCI) and fintech firm Razorpay to enter India's fast-growing digital payments ecosystems. According to multiple reports, the collaboration will enable users to make UPI payments directly within ChatGPT without switching to another app or webpage.
The feature has entered the trial phase, with BigBasket becoming the first platform to support this integration.
Under the initiative, ChatGPT users will be able to complete payments simply by selecting the UPI option inside the chatbot interface. Axis Bank and Airtel Payments Bank are on board as the initial banking partners. OpenAI said the aim is to make transactions “secure, autonomous, and user-controlled,” marking its first foray into real-time payments in India , which is one of the world’s most dynamic fintech markets.
New feature: What is it?
The goal of this pilot is to enable ChatGPT to assist users in finding products and services while also enabling them to complete transactions during a single conversation. Users can now ask ChatGPT to locate an item and pay for it all in one location rather than hopping between websites or apps. This falls under the expanding category of "agentic AI," in which AI does more than merely offer information; it also performs tasks for users, such as booking reservations or making payments.
What will happen?
The pilot will make use of UPI's "UPI Reserve" feature, which has improved AI-powered transactions. With the help of this system, customers can reserve a specific sum of money with a retailer, which they can then use to finish the transaction. By adding an extra degree of security and control, users feel more comfortable entrusting payments to an AI.
The integration has the potential to simplify digital payments for those who are new to online transactions. In addition, AI-driven tools could analyse spending patterns, flag potential fraud, and offer financial insights.
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