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NPCI Unveils New UPI Features: On-Device Biometrics, Aadhaar Face Authentication, and Cash Withdrawals via Micro ATMs
NPCI New Rules: According to an official statement from NPCI, a new method has been introduced for cash withdrawals using UPI through micro ATMs at UPI Cash Points. These services are operated by Business Correspondents (BCs). Let's explore the other changes to UPI in detail.
On Tuesday, the National Payments Corporation of India (NPCI) introduced several new initiatives focused on its flagship Unified Payments Interface (UPI). These changes include on-device biometric authentication. Additionally, NPCI has launched Aadhaar-based face authentication in UPI. This will allow Aadhaar-linked biometric authentication to be used to set or reset UPI PINs.
According to an official statement from NPCI, a new method for cash withdrawals using UPI through micro ATMs has been launched at UPI Cash Points, operated by Business Correspondents (BCs). Department of Financial Services (DFS) Secretary M. Nagaraju launched most of these products at the annual Global FinTech Fest.
An official statement stated that on-device authentication for UPI will allow customers to use security options on their smartphones, such as fingerprint or face unlock, as an alternative to manually entering the UPI PIN. This feature will enable users to authenticate UPI payments. The statement added that this feature will be available to customers who choose to use it, giving them control over their preferred method of authenticating their transactions.
Global payments major PayPal has also announced the integration of UPI on PayPal World with NPCI International Payments, an NPCI arm. This feature is expected to launch in 2025.
The global arm of NPCI has become the first entity globally to partner with the nearly 25-year-old PayPal for a new service. This service will help Indians using UPI make rupee payments to overseas merchants. An official statement said that PayPal Cloud simplifies the complexities of cross-border commerce, ensuring the availability of services at scale and with minimal delays across the globe.
Reserve Bank Deputy Governor T. Rabi Shankar also announced several products at the same event. This allows UPI customers to use UPI for payments even with joint account holders and multi-signatory account holders. The Deputy Governor also launched UPI Lite, which allows small-value transactions using wearable glasses, and foreign exchange on Bharat Connect.
