Update: The update is now live on the Paytm app for Android. Users can see an icon called BHIM UPI and clicking on it will enable them to create a dedicated UPI address @paytm. It can be linked to their Paytm Payments Bank account or to any bank account, including Airtel Payments Bank. Users can create upto UPI IDs using Paytm BHIM UPI. Users can also customize their IDs to personalize their UPI experience.
Mastercard is reportedly testing biometric enabled bank cards for payments at merchant points, and it looks super brilliant. The world’s shifting towards fingerprint authorized transactions and it’s available everywhere now with smartphone manufacturers and navigation doors are enabling the use of fingerprint scanners for authorizing transactions. Payment cards however haven’t adopted this tech yet though. This is all set to change with Mastercard’s latest bet on biometric authentication systems. With this process, a biometric fingerprint scanner is attached to your payment card that you can insert into the Point of Sale (POS) terminal, and the transaction approval happens over your placing of the fingerprint on the card’s scanner.
Chillr is announcing the UPI integration publicly finally, after having been in beta for a long time and has had over 2 lakh testers on board all these days. Starting today, all Chillr users will be able to signup on the new UPI integration. Chillr makes these UPI integration possible in association with HDFC bank. Chillr has been operating out of IMPS systems all these days, and has had partnership with 11 banks.
The much awaited feature is finally here. Users can now pay at POS terminals using UPI apps, announces NPCI. UPI has been the recent choice of many for enabling faster and easier payments in India. Available both for digital and local store payments, UPI taps right into your bank accounts to offer seamless cashless payments. UPI is not another wallet app, like Paytm, Mobikwik and the others. It is rather a electronic fund transfer layer that allows free, cashless money transfer.
Since demontetization of Rs 500 and Rs 1000 notes in India happened in November, 2016, fintech businesses have been flourishing with people across India adopting these solutions at a rapid rate. The wallets payments business has been rapidly growing across both consumers and merchants with the availability of waiving of transaction fee and easy-to-use QR codes. In a recent announcement today, this goes up a notch, with Paytm launching recurring payments collection system for businesses to easily collect money across customers for selling services or goods.