The UPI News reports a new framework in UPI payments, allowing payments to be made without a PIN. According to RBI News, the payment system has been evolving rapidly. From waiting in long bank queues, we have progressed to making payments within seconds, right from the palm of our hand. New technologies are being introduced to enhance the payment process and drive development.
Currently, entering a PIN is mandatory for UPI payments. However, the Reserve Bank is considering revising this policy. The National Payments Corporation of India (NPCI) is looking to introduce biometric authentication as an alternative to PINs. It is reported that NPCI is in discussions with several startups regarding this.
NPCI is exploring the possibility of using fingerprints for Android devices and Face ID for iPhones as an alternative to the current 4 or 6 digit UPI PIN. This news follows the RBI’s proposal of additional authentication methods for digital transactions, suggesting options beyond biometrics and PINs.
NPCI is focused on the financial and legal aspects of this potential change. Initially, there may be an option to use biometric authentication alongside a PIN. UPI aims to enhance transaction security and user experience by leveraging the biometric capabilities of modern smartphones. It is anticipated that an important announcement from the RBI or NPCI will be forthcoming.
