India, July 8 -- The National Payments Corporation of India (NPCI) is working on an internet of things (IoT) version of the Unified Payments Interface (UPI) which will allow users to make digital payments via smart devices like smart applicances, wearables, connected cars, among others.

Citing sources, Business Standard reported that with this upgrade, refrigerators, washing machines and smartwatches will be able to initiate UPI payments without the need to open any app on phone.

The initiative is part of the NPCI's 2025 innovation pipeline and is planned to be unveiled at this year's Global Fintech Fest, scheduled in October, subject to pending approvals.

The onboarding process for the new feature may include a one-time password and a...