This information is helpful to you if you frequently shop and use UPI to make payments. Indeed, the National Payments Corporation (NPCI) is getting ready to switch to a new UPI payment method. The entire process of making payments using UPI will alter if this is put into practice. To develop cooperation for biometric authentication for payments, NPCI is in talks with numerous entrepreneurs. The user would be able to use Face ID on an iPhone and his fingerprint on an Android phone to make UPI payments through this method, according to news reported in Moneycontrol.
The UPI PIN will eventually disappear.
The current four- or six-digit UPI PIN system will be replaced if the new system is put into action by NPCI. This action is planned to be taken to provide 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.
For transaction authentication,
users will have a wide range of alternatives. The study states that NPCI is concentrating on the legal and financial ramifications of working with startups. Both the PIN and the biometric authentication systems are probably going to be around at first if the negotiations are successful. Users will have a wide range of transaction authentication choices as a result. Using biometric authentication is consistent with the Reserve Bank of India’s aim of utilizing more secure verification techniques to combat financial fraud. NPCI wants to increase the security of UPI transactions by utilizing smartphones’ built-in biometric features.
No choice was made about the change’s implementation date.
UPI currently uses two methods to confirm your identity. The first method is to use an SMS to identify your phone when you first launch UPI on your device. The second way is through a UPI PIN, which you have to enter to confirm the payment. However, no decision has been taken yet on the date of implementation of this change. But if it is implemented, it will become easier for people to make payments and it will become more secure than before.
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