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Source- This post is based on the article “NPCI kickstarts deployment of ‘UPI Tap and Pay’ facility for payment apps” published in “Business Standard” on 26th December 2023.
Why in the News?
The National Payments Corporation of India (NPCI) has initiated the deployment of ‘UPI Tap and Pay’ across various digital payment providers.
What are the Features of UPI Tap and Pay?
1) Instead of a camera, it employs near-field communication (NFC) technology (short-range wireless connectivity technology) to capture the payee’s UPI ID or Virtual Payment Address (VPA).
2) This functionality is only available on phones or devices equipped with NFC capability.
3) Users are required to find the ‘Tap & Pay’ button within their UPI app, and the transaction is finalized by tapping the device on the UPI Smart Tag/ Smart QR.
4) If a user activates the tap feature for the UPI LITE account, transactions below Rs. 500 will be processed through UPI LITE. For transactions exceeding Rs. 500, a UPI PIN will be necessary.
5) The feature is available for both Android and iOS, and is currently live on two apps: BHIM and Paytm (only for limited users).
UPSC Syllabus- Science & Technology/ Indian Economy
