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Last week The National Payments Corporation of India (NPCI) launched a game-changing feature in the Unified Payments Interface technology (UPI) to take digital transactions to the next level.
This feature will enable UPI account holders to permit trusted contacts who don’t even have UPI accounts to initiate transactions on the primary user’s behalf.
UPI Circle simplifies how users manage transactions. The primary users can easily share access with secondary users by scanning a QR code or entering the UPI ID. That will eliminate the manual entry of phone numbers. Secondary users can secure access by setting passcodes or biometric verifications.
The feature offers two modes of delegation:
Partial Delegation: This requires the primary user's approval for every transaction, hence giving an extra layer of control.
Full Delegation: This allows secondary users to do transactions on their own up to a certain monthly limit, adding convenience.
NPCI has fixed transaction limits for secure usage:
Monthly Cap: Up to Rs. 15,000.
First Time Limit: Rs. 5,000 for 24 hours from the time a secondary user gets authorized.
The primary users can also view the activity and even establish different limits for the various secondary users, offering customized control of their accounts.
To enhance payment capabilities Google Pay has also announced plans to integrate with UPI Circle. This is indicative of the growing acceptance of the feature that has a lot of potential to increase the scope of digital payments in the country.
More on related innovations, NPCI and IRCTC, in association with CoRover, an AI startup launched the voice command facility to order tickets and make payments. Launched at Global Fintech Fest on August 23, this system is integrated into IRCTC's AI assistant, AskDISHA, which allows users to make UPI transactions and book tickets with voice commands. Read More
