UPI Payment – Big news for UPI users. Digital payments are set to become easier for millions of people across the country. The Unified Payments Interface (UPI) has announced the addition of a new biometric feature to its process, eliminating the hassle of remembering or entering PINs when making payments.
This new feature will allow consumers to approve UPI payments using their face (facial recognition) or fingerprint. This change is expected to be implemented from October 8th and is being considered a milestone in the field of Digital India.
This new biometric verification system will be completely Aadhaar-based. When a consumer selects the biometric option for payment, the phone’s camera or fingerprint scanner will activate. The scanned data will then be matched against the Aadhaar database, and upon successful matching, the payment will be processed within seconds. This process will only be possible for consumers whose bank account and UPI ID are linked to Aadhaar. This will not only provide relief to those who forget their PIN or are more security-conscious, but will also make payments much more secure.
The National Payments Corporation of India (NPCI) plans to showcase it at the ongoing Global FinTech Festival in Mumbai. While there has been no official comment from NPCI, sources say preparations are complete and the technology will be rolled out to the public soon.
Under recent RBI directives, there was a push to introduce such options to enhance security and innovation in the banking system. This biometric change became crucial given the current PIN system’s vulnerabilities, such as PIN theft and phishing. Every person’s face and fingerprint are unique, making biometric methods virtually impossible to hack. This feature will make digital transactions easier, faster, and more secure than ever before.
