India approved the payment method using fingerprint and facial recognition, effective October 8. The authentication will be complete using biometric data stored under the Government of India’s unique Identification system, Aadhaar, said sources familiar with the matter.
The initiative follows recent transaction rules, as NPCI revised its limits guidelines in accordance with the RBI, which permit the use of alternative methods of authentication, moving away from the current system that requires a PIN for payment authentication.
This new biometric feature will be announced at the ongoing Global Fintech Festival in Mumbai through National Payment Corporation, which operates UPI.
NPCI’s UPI experienced a decline in transactions in September, while transaction values showed a slight increase. According to NPCI data, UPI processed ₹19.63 billion transactions in September, compared to 20.01 billion in August.
However, the final transaction value rose slightly from ₹24.90 lakh crore to ₹24.85 lakh crore in the last month. Although everyday transactions averaged ₹654 million, with a daily value of ₹82,991 crore.
Compared to the previous year, UPI indicates significant growth, with a 31% increase in transaction volume and a 34% increase in value.
