Google Pay, the Unified Prepaid Interface (UPI) funds app, unveiled new options on the Global Fintech Fest (GFF) 2024. The firm mentioned that these new options, which will likely be rolled out later this 12 months, will make it simpler for customers to make funds and transact by way of the app. Some of the options introduced on the GFF embody UPI Circle, UPI Vouchers or eRupi, Clickpay QR scan, Prepaid Utility funds, Tap & Pay with RuPay playing cards, and extra. Apart from this, the corporate additionally introduced a number of partnerships on the occasion.
Google Pay Unveils New Features at GFF 2024
The UPI funds app detailed the brand new options in a weblog submit and mentioned that these functionalities will deliver ease, comfort, and ease to the way in which customers work together with funds and finance devices.
UPI Circle is a brand new characteristic rom NPCI that permits UPI account holders to let trusted folks make digital funds even when they don’t have a checking account. This characteristic might be useful for older members of the family who don’t personal a checking account or a Google Pay-linked account however must make a UPI fee.
These members of the family can both get a Partial Delegation privilege the place the first consumer should approve each transaction or a Full Delegation privilege the place they’ll get a month-to-month restrict of as much as Rs. 15,000. This characteristic is being launched in partnership with the National Payments Corporation of India (NPCI).
UPI Vouchers or eRupi, a direct profit switch (DBT) characteristic launched in 2021, that can quickly be supported on Google Pay. People, with this characteristic, can generate a pay as you go voucher which is linked to a cellular quantity and can be utilized to make digital funds even when the consumer didn’t hyperlink a checking account to UPI. This characteristic will likely be delivered to the platform in collaboration with NPCI and the Department of Financial Services.
Clickpay QR scan is one other new characteristic for invoice funds coming to Google Pay. It permits customers to pay their payments on Google Pay by scanning a QR code throughout the app. These funds can solely be made when the biller has generated a customized QR code for the shopper. Once scanned, customers will see the invoice quantity they should pay, in response to Google.
Google Pay will even let customers make pay as you go utility payments with a brand new characteristic. Similar to the characteristic in Paytm, the app will uncover a consumer’s pay as you go utility payments as soon as they’ve added their buyer knowledge to the app. Once performed, customers will have the ability to make recurring funds to the billers who assist pay as you go funds. The characteristic will work throughout totally different classes. It is being added in partnership with NPCI Bharat Billpay.
Tap & Pay with RuPay Cards will even be added to Google Pay later this 12 months. With this, RuPay cardholders can add their Rupay card to the app and faucet their near-field communication (NFC) enabled smartphone on a card machine and make funds. Notably, card data isn’t saved within the app, the corporate said.
Finally, UPI Lite is getting an autopay characteristic. Users will have the ability to mechanically top-up their UPI Lite account when the stability falls beneath a certain quantity.
