UPI Tap and Pay

Santhosh Kumar 30/12/2023
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UPI Tap and Pay mind map Recent News NPCI to launch by end of January 2024 Announced at Global Fintech Fest September 2023 When Launch Date End of January 2024 Why Enhance user convenience What Uses NFC Near Field Communication Secure within 4 cm distance Transaction limits Up to Rs 500 per transaction Daily cap of Rs 4,000 Available on BHIM app Paytm (limited users) Other UPI apps can introduce Where India Who National Payments Corporation of India (NPCI) How Tap phone on receiver's device Fetch UPI ID/VPA through NFC Internet required for transaction Step-by-step guide Open UPI App Select Tap & Pay icon Enter amount Tap on receiver’s device Transaction successful Significance Simplifies payments Quick and easy Challenges Lack of trust Prone to cyber attacks Illiteracy Internet penetration Way Forward Addressing challenges Improving accessibility Increasing trustworthiness Possible expansion to more Asian countries

UPI Tap and Pay is a forthcoming feature introduced by the National Payments Corporation of India (NPCI), set to launch by the end of January 2024. This innovative payment method utilizes NFC (Near Field Communication) technology, allowing users to make transactions by tapping their smartphones against a receiver’s device. It is designed for transactions up to Rs 500, with a daily cap of Rs 4,000. Currently, this feature is available on BHIM and Paytm (for limited users), with other UPI apps also having the option to introduce it. While it aims to enhance user convenience and quicken the payment process, challenges like lack of trust, vulnerability to cyber-attacks, illiteracy, and limited internet penetration remain. Future prospects include more widespread adoption and possible expansion to other Asian countries.

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