Starting October 8, India will incorporate facial recognition and fingerprint verification as methods for approving transactions carried out through the nationally renowned Unified Payments Interface (UPI), according to insiders with direct knowledge of the situation.
The authentication process will employ biometric data stored within Aadhar, the Indian Government’s singular identification system, an anonymous source disclosed.
This initiative comes after the Reserve Bank of India issued new guidelines allowing for alternative means of authentication. This marks a significant shift from the existing system, which necessitates a numeric PIN for transaction verification.
The National Payments Corporation of India (NPCI), the entity responsible for operating UPI, intends to unveil this novel biometric attribute at the ongoing Global Fintech Festival in Mumbai, stated the sources who requested anonymity due to not being permitted to speak to the press.
The NPCI has not responded immediately to requests for comment.
When will the new biometric features for payment approval through the UPI be introduced in India?
The new features for payment approval which include facial recognition and fingerprint verification will be introduced starting October 8.
What is the current system for approving transactions carried out through the UPI?
The existing system of approving transactions carried out through the UPI requires a numeric PIN for transaction verification.
Who operates the UPI and who intends to showcase the new biometric feature?
The UPI is operated by the National Payments Corporation of India (NPCI), which plans to debut this novel biometric feature at the ongoing Global Fintech Festival in Mumbai.
