PhonePe now helps you to activate UPI utilizing your Aadhaar quantity

Leading fintech platform PhonePe on Wednesday introduced it has enabled UPI activation utilizing Aadhaar-based OTP authentication.

PhonePe is the primary UPI Third Party Application Provider (TPAP) App to roll out the Aadhaar-based UPI onboarding move that can now allow a number of crore Indians to turn out to be part of the UPI ecosystem, seamlessly and securely for the primary time, the corporate stated in a press release.

Under the earlier UPI onboarding move, a legitimate debit card was obligatory to arrange a consumer’s UPI PIN throughout the UPI registration course of, proscribing entry for numerous Indian checking account holders who didn’t have a debit card helpful.

The addition of Aadhaar onboarding for UPI will dispose of this restriction, and permit beforehand under-served populations to expertise the comfort and advantages of digital funds.

“We are excited to be the first fintech platform to offer Aadhaar-based authentication for our users, making the UPI onboarding flows even more simple and inclusive. We believe this is a very progressive move by RBI, NPCI and UIDAI and is a great example of the digital financial inclusion that UIDAI’s Aadhaar program has been able to drive,” stated Deep Agrawal, Head of Payments at PhonePe.

In the brand new move, the Aadhaar e-KYC move will probably be made a part of the UPI onboarding journey on the PhonePe App.

Users selecting this selection will solely have to enter the final 6 digits of their Aadhaar quantity to provoke the onboarding course of.

They will then obtain an OTP from UIDAI, and their respective financial institution to finish the authentication course of. Post this, prospects will have the ability to entry all UPI options similar to funds and steadiness checks on the PhonePe App.

“This will help expand the overall UPI ecosystem, and also onboard new customers to the digital payments fold. UPI has become a global exemplar, and countries across the world are looking to implement it. Going forward, we are closely working with NPCI to take UPI international,” stated Agrawal.

With 41.5 crore registered customers, one in 4 Indians at the moment are on PhonePe. The firm has additionally efficiently digitised 3.3 crore offline retailers, masking 99 per cent pin codes within the nation.

— IANS