Google Pay, the Unified Pay as you go Interface (UPI) funds app, unveiled new options on the World Fintech Fest (GFF) 2024. The corporate mentioned that these new options, which shall be rolled out later this 12 months, will make it simpler for customers to make funds and transact by the app. A few of the options introduced on the GFF embody UPI Circle, UPI Vouchers or eRupi, Clickpay QR scan, Pay as you go Utility funds, Faucet & Pay with RuPay playing cards, and extra. Aside from this, the corporate additionally introduced a number of partnerships on the occasion.
Google Pay Unveils New Options at GFF 2024
The UPI funds app detailed the brand new options in a blog post and mentioned that these functionalities will carry 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 enables UPI account holders to let trusted folks make digital funds even when they don’t have a checking account. This characteristic might be helpful for older relations who don’t personal a checking account or a Google Pay-linked account however must make a UPI cost.
These relations can both get a Partial Delegation privilege the place the first consumer must approve each transaction or a Full Delegation privilege the place they will get a month-to-month restrict of as much as Rs. 15,000. This characteristic is being launched in partnership with the Nationwide Funds Company of India (NPCI).
UPI Vouchers or eRupi, a direct profit switch (DBT) characteristic launched in 2021, that may quickly be supported on Google Pay. Individuals, 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 shall be delivered to the platform in collaboration with NPCI and the Division of Monetary Providers.
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 inside the app. These funds can solely be made when the biller has generated a personalized QR code for the shopper. As soon as scanned, customers will see the invoice quantity they should pay, in keeping with Google.
Google Pay may even let customers make pay as you go utility payments with a brand new characteristic. Just like 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. As soon as completed, customers will be capable to make recurring funds to the billers who assist pay as you go funds. The characteristic will work throughout completely different classes. It’s being added in partnership with NPCI Bharat Billpay.
Faucet & Pay with RuPay Playing cards may 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 info is just not saved within the app, the corporate said.
Lastly, UPI Lite is getting an autopay characteristic. Customers will be capable to routinely top-up their UPI Lite account when the stability falls beneath a specific amount.
