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UPI Payment System: If you also often shop and make payments through UPI, then this news is useful for you. Yes, the National Payments Corporation (NPCI) is preparing to change the way of payment through UPI. If this is implemented, then the entire way of making payments through UPI will change. NPCI is in talks with several startups on partnerships to introduce biometric authentication for UPI payments. According to the news published in Moneycontrol, through this system, the user will be able to complete UPI payments by using fingerprint on his Android phone and Face ID on iPhone.
UPI PIN will be 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 multiple options for transaction authentication
According to the report, NPCI is focusing on the financial and legal aspects of partnering with startups. If this is negotiated, both PIN and biometric authentication systems are likely to remain initially. This will give users multiple options for transaction authentication. The move to biometric authentication is in line with RBI's preference for more secure verification methods to combat financial fraud. NPCI aims to make UPI transactions more secure by leveraging the built-in biometric capability in smartphones.
No decision on date for implementation of changes
Currently, UPI verifies 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.