The advantage of this will be that people will not have to enter the UPI ID during online payment. It will appear saved just like your debit or credit card details appear saved. With the UPI ID saved, payment can be made in a jiffy.
UPI Payments: Lakhs of users who make UPI payments through apps like PhonePe, GooglePay, Paytm can get a big gift. National Payments Corporation of India (NPCI) is thinking of introducing a new feature. Under this feature, people will be able to save their UPI ID on their favourite websites where they often shop, book tickets or make any other kind of payment. The advantage of this will be that people will not have to enter their UPI ID during online payment. It will appear saved like your debit or credit card details appear saved. With the UPI ID saved, payments can be made in a jiffy.
How far has the work reached on the new feature
According to ET’s report, NPCI is working on this feature, which is being called UPI Meta. This feature has not been launched yet. But when it comes, people will be very comfortable. One step will be reduced while making payment and UPI ID will not have to be entered. According to the report, NPCI officials have talked to industry people about this feature. If positive response is received and everything is ready properly, then the new feature can be rolled out.
UPI payment will become as simple as online card payment
According to the report, with the advent of UPI Meta, making online payments using PhonePe, GooglePay, Paytm or Bhima App will become just like using an online card. People will not have to enter their UPI details on any website again and again. They will be able to save their UPI ID on shopping websites, travel booking apps, food delivery apps etc. As soon as they order any item, the payment process will start instantly. However, some concerns have also come up regarding this feature, which has been discussed between NPCI and the organization of payment companies.
Big UPI apps- PhonePe, GooglePay benefit
According to the report, it has been feared that the arrival of UPI Meta will benefit big players like PhonePe, GooglePay. It will be difficult for small UPI apps to move forward. However, NPCI believes that by linking UPI ID to favorite websites, UPI payment system will be able to compete with online cards. People will get convenience. Remember that many companies encourage people to make card payments because they get commission, but companies do not earn anything from UPI payments.
Aim to increase UPI payments further
According to the report, NPCI aims to further increase UPI payments. They want it to be made the default payment mode for customers. It is worth noting that the growth rate of UPI payments has decreased in 2023-24. It remained at 36 percent, which was more than 50 percent in the previous two years. Also keep in mind that there have been interruptions in UPI payments in recent times. This happened four times in three weeks, when people were not able to do online transactions due to UPI being down. There was a lot of reaction on this on social media. Many people said that wallets should still be kept in pockets and money in wallets. Obviously NPCI will need to look at all these aspects.
