Introduction of UPI QR code for making NPS contributions may draw in younger subscribers

financialexpress.com:

The Pension Fund Regulatory and Development Authority (PFRDA) has recently allowed the NPS subscribers to deposit their contributions directly under the D-Remit process through the UPI QR code. This initiative aligns with modern trends, enhancing accessibility, efficiency, and will be appealing to tech-savvy, young subscribers.

The last few years, in fact, have seen a spurt in businesses using QR codes. All it takes to use a QR code is a camera on a smartphone (which is now a must-have in today’s world). Users do not need to remember complex account numbers or provide multiple pieces of information. The convenience of making payments using QR codes has contributed to their widespread adoption in various industries and regions. One big example of businesses using this are restaurants using QR code menus, which have become quite popular.

“The introduction of QR code – UPI for D-Remit (Direct Remittance) would help in making NPS contributions more accessible, efficient, and flexible. This initiative by PFRDA will empower NPS subscribers to take control of their retirement savings and benefit from the advantages of systematic investment planning. Under this new mechanism, subscribers can utilise the UPI QR Code to transfer their contributions. For enabling the same, the subscriber must set up his virtual D-Remit account with the Trustee bank of the NPS architecture,” said Kurian Jose, CEO, Tata Pension Management.

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According to Kurian, PFRDA’s decision to introduce QR codes to make contributions to NPS (National Pension System) using UPI-enabled apps is in keeping with the times and a step in the right direction. Making payments using QR