PhonePe has rolled out the biometric authentication feature on a large scale to ease the process of UPI payment. Now customers will not need to enter 4 or 6 digit UPI PIN for every small payment. Instead, payment can be made directly using the phone’s fingerprint or face lock. This new feature is currently live for Android users and will soon be available for iPhone users as well.
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How will this new system work and what are its limits?
The company has set some important rules for this new feature so that there is no compromise with security. Its limit has been fixed keeping in mind the daily expenses of the common man. Its main points are given below:
Transaction Limit: Biometric or one-touch payment facility will be available only on transactions up to Rs 5,000.
PIN required: If the payment is more than Rs 5,000, it will be mandatory to enter the UPI PIN manually as before for security.
Backup Options: If for some reason the fingerprint sensor does not work or the sensor is dirty, the app will immediately give the option to enter the PIN.
Activation Process: Users will have to activate the ‘Biometric Pay’ option once by going to the profile settings of the app.
How reliable is this method for security and privacy?
According to Deep Aggarwal, Payments Head, PhonePe, this change makes payments more secure. There is always a risk of the PIN being stolen or being seen by someone, but the biometric data remains in a secure part of the device. This data never goes out of the phone, due to which privacy is maintained. Device-level authentication is considered a strong security layer under NPCI and RBI guidelines. This technique will also be very helpful for those elderly people who have trouble remembering the PIN.