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1h ago

UPI Biometric Authentication Reported to Launch Oct. 8 Using Aadhaar Data

A recent RBI directive cleared the way for alternatives to PIN-based payment checks.

A QR code sticker of the digital payment app Paytm is seen outside a grocery store in Kolkata, India July 9, 2024. REUTERS/Sahiba Chawdhary 
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Overview

  • Reuters, citing three people with direct knowledge, reports NPCI will enable facial recognition and fingerprint verification for UPI payments starting October 8.
  • The verification would use biometric information stored in the government’s Aadhaar identification system, according to the report.
  • NPCI is expected to showcase the capability at the Global Fintech Festival in Mumbai, the report adds.
  • Official NPCI data show September UPI volumes at 19.63 billion transactions, down from 20.01 billion in August, while value inched up to Rs 24.90 lakh crore.
  • UPI averaged 654 million daily transactions worth Rs 82,991 crore, posted year-on-year gains of 31% in volume and 34% in value, and saw IMPS and AePS volumes decline.