UPI tap and pay expected to go live by Jan 31 next year: Report
The National Payments Corporation of India (NPCI) has started the process to deploy ‘UPI Tap and Pay’ across digital payment providers soon after the apex body released details on the feature’s roll out, reported Business Standard.
Unified Payments Interface (UPI) members can go live with the UPI Tap and Pay functionality by January 31, 2024, NPCI said in a circular.
It is vital to note that the timeline mentioned in the circular is not a deadline for digital payment firms.
“Payment players can roll out the UPI Tap and Pay feature on their apps any time. The date mentioned in the circular is just a recommendation and it will be desirable to see firms launching the service by that date," a person close to NPCI said, reported Business Standard.
The person added that NPCI will continue to follow up with companies who may be unable to introduce the service within the timeframe.
The feature is currently live on Bharat Interface for Money or BHIM app along with Paytm where it is open for limited users, according to details on NPCI’s website.
Reserve Bank of India (RBI) Governor Shaktikanta Das had announced the launch of UPI Tap and Pay feature among other new digital payment functionalities at the Global Fintech Fest in September this year.
The feature utilises near-field communication (NFC) technology to capture details about a payee’s UPI ID or a Virtual Payment Address (VPA) without capturing a quick response (QR) code via a camera. Mobiles and devices, which have the NFC capability, can use the service.
The recent circular from NPCI recommends UPI applications to have a separate call-to-action (CTA) button for the feature on a payment app’s homepage. It will be available to users on android and ios operating systems.
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