NPCI may allow UPI users to use fingerprints, facial recognition to make payments – India TV

Most digital transactions in India are done through UPI. Every year, the number of payments made through UPI is reaching new highs. However, there is still a large section of the population that does not use UPI payments. The National Payments Corporation of India (NPCI), the agency that oversees digital payments in India, is planning a major overhaul of the UPI payment system. Users will no longer have to remember a PIN to make UPI payments; they will be able to do so using facial or fingerprint authentication.

Biometric authentication

In a recent report, it was stated that NPCI is in talks with several companies for UPI payments using smartphone biometrics. In the near future, users will not have to remember a PIN or passcode for any UPI payment. Users will also be able to make online payments using the biometric features of their smartphones.

UPI payments without PIN

For example, while making a UPI payment to someone, users will not have to enter the UPI PIN. Instead, they will be able to use the biometric lock of their smartphone to make the payment online. NPCI is exploring new technology to combat the growing trend of cybercrime. Currently, smartphone users rely on apps like PhonePe, Amazon Pay and PayTm to make UPI payments.

Millions of UPI users may have trouble remembering a 6-digit PIN or code. With this improved UPI system from NPCI, users will now be able to make payments using fingerprint or facial recognition. This feature is expected to be very beneficial for UPI users in the future.

Meanwhile, in a major development, the Reserve Bank of India (RBI) has raised the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. The announcement was made by RBI Governor Shaktikanta Das while unveiling the third bi-monthly monetary policy for the current financial year.

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