Mumbai, October 7 (IANS). The central government on Tuesday introduced facilities like cash withdrawal through micro-ATM using UPI on the device with biometric certification on the device, Aadhaar-based face authentication and UPI on UPI cash points.
Mr. M. Nagaraju, Secretary, Financial Services Department, Ministry of Finance, today announced the launch of three new digital features at the Global Fintech Festival (GFF) 2025.
Launched by DFS Secretary M. Nagaraju, UPI enables the underlying security options such as fingerprints or face unlock as an alternative to the UPI Pin manually to enter the UPI Pin manually.
This feature will be available to customers who want to choose it, which will give them control over their favorite way of certification.
Its purpose is to reduce the need to record the pin repeatedly and make the payments faster and more secure.
Each transaction is verified independently by the issuing bank using a strong cryptographic probe, ensuring the highest level of safety while the experience remains simple and comfortable.
Aadhaar based face certification in UPI provides users a new and safe way to set or reset their UPI PIN directly in the UPI apps.
Till now, entering debit card details to make UPI PIN or Aadhaar OTP verification had to be done.
With base -based face authentication for UPI PIN, onboarding has become sharp, simple and more inclusive.
This solution takes advantage of the ‘FaceRD app’ of UIDAI for Aadhaar-based facial verification, which eliminates the need to manage many OTP or card details and increases both convenience and safety. Later it will also be implemented for additional authentication transactions.
The DFS Secretary also introduced UPI as a new medium for cash withdrawal through micro ATMs at UPI cash points.
Talking to the media on the Sixth Global Fintech Fest (GFF) 2025 sideline, M. Nagaraju said that UPI operates 50 percent digital payments at the global level. Despite the development of UPI, it is no less than a major challenge for the government to bring the entire community living in tribal and rural areas into formal financial systems.
Nagaraju said, “In many places we are also facing the challenge of internet. Therefore, offline transactions, rural transactions are a challenge.”
Nagaraju reiterated the government for imposing a fee on transactions from Unified Payment Interface (UPI) that there is no plan to impose a fee.
He insisted on GST reform, saying that some public sector insurance companies are planning to expand their businesses. While some companies are reducing commission. Therefore, every company will design its business plan according to its capacity.
He said, “One thing is certain that all insurance companies, whether they are from public sector or private sector, all have reduced insurance costs through GST. Because GST has become zero.”
-IANS
SKT/