Unified Payments Interface (UPI) has transformed the way of payment in India, providing a very secure and seamless platform to transfer funds between different bank accounts. Since the inception of a UPI app in 2016, it has acknowledged significant growth with millions of transactions by users being performed regularly. As technology continuously advances, users need to explore the upcoming innovations in UPI that will further boost and redefine how we perform transactions. This article will discuss the potential features and advancements in UPI to be expected in the future.
Unified Payments Interface: Future Renovations To Explore
Almost everyone is aware of the fact that UPI payments have brought convenience and ease to our financial management system. With UPI, we make instant bill payments, receive and send money, shop online and recharge SIM cards. Well, it is not the end, as listed below are the significant features and advancements in UPI to be expected in the upcoming years:
- Voice-enabled transactions
In recent years, voice-enabled technology has gained mass popularity, and almost every digital field has virtual assistants, such as Alexa and Siri, known as prominent names. In the upcoming years, UPI might also leverage voice recognition technology to perform transactions and earn UPI cashback. Users can simply speak regarding their payment instructions, and the UPI will process them accordingly. This innovation will further make UPI convenient and accessible to users who encounter challenges with the user interface or typing, expanding the reach of online payments.
- Biometric authentication
One of the most significant innovations to be expected in the UPI is the biometric authentication method. At present, UPI transactions depend on PINs for safety and security. However, with the diverse adoption of biometric technology, such as facial recognition and fingerprint, future iterations of the UPI app like POP are likely to leverage these authentication mediums. Moreover, biometric authentication will add a security layer, making transactions more secure and faster.
- Integration into wearable devices
You might have noticed a significant rise in the usage of wearable devices, like fitness trackers and smart watches. This rise in wearable devices brings an opportunity for the UPI to experience integration with such devices. In the upcoming years, users may experience making UPI transactions directly from their smart wearable devices without needing their smartphones and getting daily UPI rewards. These devices with in-built payment apps like POP might enable users to make contactless and quick payments, and provide instant accessibility and convenience.
- International remittances
At present, UPI has primarily focused on domestic transactions within India. However, as UPI gains adoption and recognition globally, future innovations in UPI might allow cross-border remittances. This future advancement in UPI might help users to receive and send money internationally directly through UPI, leveraging its secure and fast infrastructure. Hence, international remittances using UPI would eventually reduce costs, streamline the process, and provide a highly efficient alternative to traditional international transaction methods like Wire transfers.Conclusion:
The future of UPI transactions holds exciting promise with significant innovations on the horizon. Ranging from voice-enabled transactions and biometric authentication to international remittances and wearable device integration, UPI is all set to become a more secure, versatile, and convenient option. Moreover, with the integration of blockchain technology and open banking principles, it further strengthens its capability to transform digital payment methods.