UPI Payment New Rule: NPCI is going to change the entire way of transferring payment through UPI in the coming time. After the implementation of the new system, the hassle of entering the PIN will end. Its purpose is to provide more security to the users.
UPI Payment New Rule: If you also often make payments through UPI after shopping, then this news is useful for you. Yes, National Payments Corporation (NPCI) is preparing to change the mode of payment through UPI. If this is implemented, then the entire way of making payment through UPI will change.
NPCI is in talks with many startups on partnership to start biometric authentication for UPI payment. According to the news published in Moneycontrol, through this system, the user will be able to complete UPI payment by using fingerprint on his Android phone and Face ID on iPhone.
UPI PIN will become a thing of the past
If the new system is implemented by NPCI, it will replace the existing four or six digit UPI PIN system. This step is planned to be taken with the aim of providing more security to the user. This development comes a week after the Reserve Bank of India (RBI) proposed alternative methods for additional identity verification (AFA) in digital transactions. RBI had suggested exploring other options including biometrics like fingerprints apart from PIN and password.
Users will get many options for transaction authentication
According to the report, NPCI is focusing on the financial and legal aspects of partnership with startups. If talks are held on this, then initially both PIN and biometric authentication systems are likely to remain. This will give users many options for authentication of transactions. Moving towards biometric authentication is in line with RBI’s priority for more secure verification methods to deal with financial fraud. By taking advantage of the built-in biometric capability in smartphones, NPCI aims to make UPI transactions more secure.
No decision on the date of implementation of the change
At present, UPI confirms your identity in two ways. The first way is to identify your phone through SMS while starting UPI on your mobile. The second way is through UPI PIN, which you have to enter to confirm the payment. However, the date of implementation of this change has not been decided yet. But if it is implemented, it will become easier for people to make payments and it will become more secure than before.
