UPI payments will be made through glasses, and biometrics will work! RBI also launched its CBDC app - learn the process..
India has become the global leader in digital payments, and now preparations are underway to add some new gems to this crown. Imagine being able to make UPI payments using your glasses, or even instantly with just a fingertip? Yes, this is all about to become a reality! The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have made some major announcements that will change the way we make payments forever. Let's understand these exciting updates in simple terms.
1. UPI Payments Through Glasses!
Until now, we've made UPI payments by scanning QR codes or entering numbers. But soon, you'll be able to make payments using your smart glasses. This technology will completely transform our payment experience, allowing you to make payments without even taking out your phone, simply by scanning your glasses.
2. Biometrics Will Power UPI
While entering a PIN for UPI payments has been common, this has sometimes been vulnerable to insecurity, such as the risk of 'shoulder surfing' or device skimming. Now, NPCI is introducing a biometric verification feature, allowing you to securely make payments by scanning your fingerprints or face. This will be linked to Aadhaar!
3. Security will be linked to Aadhaar!
This biometric authentication will be powered by the Indian government's Aadhaar system. This means your fingerprints or facial scans will be used. Leveraging Aadhaar's established biometric database, this system will not only enhance security but also make using UPI easier for millions of people, especially the elderly who struggle to remember PINs.
4. Big Announcement at the Global Fintech Festival!
NPCI plans to showcase this new biometric feature at the ongoing Global Fintech Festival in Mumbai. This will showcase India's digital payments prowess on a global platform. This announcement demonstrates India's commitment to becoming a world leader in digital payments technology, further elevating India's reputation globally.
5. RBI Launches New CBDC App!
The RBI has now launched its CBDC (Central Bank Digital Currency) app, accessible to BHIM users. This digital rupee will now be available for peer-to-peer solar trading, as launched by RBI Deputy Governor T. Rabi Shankar, a new and significant use case for CBDC.
6. Canara and PNB Partner!
This CBDC app has been launched in partnership with Canara Bank and Punjab National Bank (PNB). This partnership will help expand the reach of the digital rupee to more people and promote its use, thereby giving our economy a new digital dimension.
7. A Combination of Security and Convenience!
The current PIN-based system is prone to fraud, and many people find it difficult to remember PINs. Biometric verification will address these issues, making UPI transactions not only more secure but also more convenient for millions of users, especially those who are less digitally adept.
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