NPCI to Integrate UPI with Smart Devices
The National Payments Corporation of India (NPCI) is gearing up to release a new edition of UPI that is compatible with Internet of Things (IoT) devices. The new update will enable smart devices like smartwatches, home appliances, and cars to make automatic payments.
How It Will Work
Nowadays, payments through UPI are facilitated using a mobile phone that is associated with a UPI ID. Under the new system, smart devices will have their own UPI IDs. With one-time verification, these devices will be linked to a user's main account. Payments will occur automatically once permission is accorded without any human intervention.
Real-World Examples of Usage
- A vehicle can pay parking charges after it is parked.
- A smartwatch can be utilized to buy metro tickets.
- A refrigerator may be able to order and buy groceries automatically.
Previous Innovations by NPCI
Earlier, NPCI launched services such as:
- UPI Circle – enables payments to secondary consumers.
- Bharat BillPay System – handles bill payments.
- UPI Lite X – a light version for low-value transactions.
Launch in Future and Status
The UPI-enabled IoT feature can be launched at the upcoming Global Fintech Fest. NPCI is awaiting regulatory approvals. After clearance, the new system has the potential to revolutionize the way ordinary transactions are processed using technology.
Tags Cloud
