UPI Payment
NPCI is considering new rules for UPI payments. With the introduction of new rules, the security of transactions done through UPI can be further improved. For this, the National Payment Corporation of India has recently held a meeting with UPI app providers and stakeholders like Google Pay, PhonePe, Paytm, Tata Neu, CRED. After the implementation of the new rules, the security of payments done through UPI will be further improved.
New rules of UPI
The government is going to provide an additional layer of security to make UPI payments through these apps more secure. This decision of NPCI will benefit crores of users who make daily transactions through UPI apps. At present, the number of users doing daily UPI transactions is in crores.
UPI payment has been a hit not only in India but also in many countries including Nepal. In view of the recent cases of cyber fraud, NPCI is also considering introducing biometric authentication along with password or PIN for UPI payment. After its implementation, users will not need to enter PIN or password to make UPI payment. They will be able to make UPI payment even by showing their face.
In view of the fraud related to UPI payments, NPCI is preparing to bring this new security feature. Cyber criminals can trap users and find out their UPI PIN and commit fraud, but to make UPI payments through face unlock or biometric, users will need to be physically present, due to which the possibility of fraud is reduced.
Feature will be available in UPI app
NPCI has directed UPI apps like Google Pay, PhonePe, Paytm to make provision for this in the app. For this, talks are being held with these companies. If the talks between UPI apps and service provider i.e. NPCI are successful, then soon you will be able to make UPI payments by showing your face. However, the existing PIN or password option will also be available for making UPI payments. Apart from this, users will get a new option of face unlock for UPI payments.
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