National Payments Corporation of India (NPCI) is preparing to make a big change in the online payment system of the Unified Payment Interface (UPI). Through the new facility, people can now save their UPI ID on any online shopping or service platform. This service will work in the same way as users of any online platform save their credit or debit card details. It is also called tokenization. Its biggest advantage will be that now while making online UPI payment, the ID will not have to be given again and again and this will reduce the payment time.
According to the report of ET, people associated with the matter said that a plan is being made to allow NPCI users to store their UPI ID at the merchant checkpoint. Currently, a customer usually selects the UPI app and then the account through which he wants to make the payment while checking out on an e-commerce site. It has been told that when the customer locks the preferred UPI ID, the time can be reduced by reducing the steps of the process.
Approval will have to be taken from RBI.
According to sources, before launching this facility, NPCI will have to get approval from the Reserve Bank of India (RBI). Under the instructions of RBI, payment gateways are only allowed to tokenize the card. Through this facility, users do not need to fill in full card information every time they make a payment on the website. If the facility to save UPI ID is approved, then making a payment through UPI will be equal to a card payment.
Customer convenience will improve.
If this facility is started, then consumers can save their UPI ID, called UPI handle, on popular merchant sites like e-commerce platforms, travel booking applications, food delivery apps, and quick commerce platforms. Which they use regularly. In this way, users will not need to enter their UPI ID or select the UPI application every time they transact, which will improve customer convenience and increase the success rate of transactions.
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