An upgrade to India’s Unified Payment Interface (UPI) platform is expected to feature enhanced support for biometrics and preauthorized transactions, reports The Economic Times.
Administrated by the National Payments Corporation of India, the UPI is a payments platform designed to facilitate electronic payments between different bank accounts via mobile devices; Samsung, seeking to boost its mobile payments platform in India, recently integrated UPI support into Samsung Pay. The UPI is now being upgraded, with version 2.0 specifications expected to be announced early this summer.
As The Economic Times reports, a big new feature of the upgraded platform will be support for preauthorized transactions, a feature referred to as ‘e-mandate’. Citing a particular unnamed source, the report also asserts that the new specifications will feature a biometric payments component that should essentially support biometric transactions through Aadhaar, the country’s national biometric citizen ID program.
That suggests greater support in the pipeline for Aadhaar Pay, a payment system designed to let citizens make purchases simply by pressing their fingers on merchants’ smartphone scanners. IDFC Bank began supporting Aadhaar Pay earlier this year, and substantial support in UPI 2.0 could help to further popularize the system.
Source: The Economic Times
June 23, 2017 – by Alex Perala