Key Points
- India will allow biometric payments using facial recognition and fingerprints starting October 8.
- The feature will be available on the popular UPI digital payments network. The system will use biometric data from India’s national ID system, Aadhar.
- This represents a significant departure from the current system, which requires a numeric PIN.
- The new feature will be showcased at the Global Fintech Festival in Mumbai.
India is set to introduce a new method for approving digital payments: using facial recognition and fingerprints. Starting October 8, users of the country’s wildly popular Unified Payments Interface (UPI) will be able to authorize transactions with their biometric data, according to three sources familiar with the plan.
This represents a significant shift from the current system, which requires a numeric PIN for every transaction. The new method will utilize the biometric data already stored in India’s massive national identification system, known as Aadhar.
The move follows the Reserve Bank of India’s recent approval of alternative authentication methods. The National Payments Corporation of India, which runs the UPI network, is now ready to roll out the new feature.
The plan is to showcase the new biometric payment system at the Global Fintech Festival, which is currently taking place in Mumbai. The sources, who spoke on the condition of anonymity, said the new feature will make payments even faster and more convenient for the hundreds of millions of people who use UPI every day.
The adoption of biometric payments on such a massive scale is a significant step for India’s digital economy, further cementing its position as a global leader in mobile payments.
