UPI Meta: The advantage of this will be that people will not have to enter the UPI ID during online payment. It will appear saved just like your debit or credit card details appear saved. With the UPI ID saved, payment can be made in a jiffy.
Lakhs of users who make UPI payments through apps like PhonePe, GooglePay, Paytm can get a big gift. National Payments Corporation of India (NPCI) is thinking of bringing a new feature. Under this feature, people will be able to save their UPI ID on favorite websites, where they often go for shopping, book tickets or make any other kind of payment. The advantage of this will be that people will not have to enter UPI ID during online payment. It will appear saved like your debit or credit card details appear saved. With UPI ID saved, payment can be done in a jiffy.
How far has the work on the new feature reached
According to ET report, NPCI is working on this feature, which is being called UPI Meta. This feature has not started yet. But when it comes, people will be very comfortable. One step will be reduced while making payment and UPI ID will not have to be entered. According to the report, NPCI officials have talked to industry people about this feature. If there is a positive response and everything is ready properly, then the new feature can be rolled out.
UPI payment will become as simple as online card
According to the report, with the arrival of UPI Meta, making online payment through PhonePe, GooglePay, Paytm or Bhim app will become similar to online card. People will not have to enter their UPI details on any website again and again. They will be able to save their UPI ID on shopping websites, travel booking apps, food delivery apps etc. As soon as any item has to be ordered, the payment process will start immediately. However, some concerns have also come up regarding this feature, regarding which there has been a discussion between NPCI and the organization of payment companies.
Benefit to big UPI apps – PhonePe, GooglePay
According to the report, it has been worried that the arrival of UPI Meta will benefit big players like PhonePe, GooglePay. It will be difficult for small UPI apps to move forward. However, NPCI believes that by linking UPI ID to favorite websites, UPI payment system will be able to compete with online cards. People will get convenience. Remember that many companies encourage people to make card payments because they get commission, but companies do not earn anything from UPI payments.
Target to increase UPI payment further
According to the report, NPCI’s target is to increase UPI payment further. They want it to be made the default payment mode for customers. It is worth noting that the growth rate of UPI payment has decreased in 2023-24. It remained at 36 percent, which was more than 50 percent in the previous two years. Also keep in mind that there have been interruptions in UPI payment in recent times. This happened four times in three weeks, when people could not do online transactions due to UPI being down. There was a lot of reaction on this on social media. Many people said that one should still keep wallet in pocket and money in wallet. Obviously NPCI will need to look into all these aspects.
