In India, Online Payments have gained immense popularity, primarily due to the rise of UPI (Unified Payments Interface). Leading companies like Google Pay, PhonePe, and Paytm offer efficient UPI payment services, enabling users to conduct transactions effortlessly. Traditionally, having a bank account has been mandatory for using these apps. However, Google Pay is set to revolutionize this system with its new feature, allowing payments without a bank account. This innovative solution comes through the recent launch of UPI Circle by the National Payments Corporation of India (NPCI).
During the Global Fintech Fest (GFF 2024), Google unveiled several exciting features aimed at enhancing the user experience of Google Pay. The introduction of UPI Circle enables family members and friends to make payments on your behalf. This strategic move positions Google Pay in direct competition with popular payment platforms like PhonePe and Paytm, leveraging new characteristics to enrich user experience.
Google Pay: UPI Circle
The NPCI recently introduced the UPI Circle feature, expanding the horizons of digital transactions. Users can now designate family members or friends to make payments on their behalf without needing to link a bank account. This function essentially transforms your close contacts into secondary participants in your payment transactions.
Understanding Secondary Participants
Users can register secondary participants under two categories: partial delegation or full delegation. Payments made by these secondary participants have a monthly limit of up to ₹15,000, providing a secure and controlled payment process.
New Features on Google Pay
Alongside UPI Circle, Google Pay is introducing several additional features aimed at simplifying transactions for users:
eRupi Voucher
The eRupi Voucher feature allows organizations, including government departments, to issue UPI vouchers based on user needs. These vouchers can be redeemed across various services and transactions, creating a versatile payment system.
Tap & Pay Payments
This feature enhances the payment experience by allowing users to make payments using RuPay cards directly from their smartphones. By simply adding RuPay card details to Google Pay, users can tap their mobile devices on the payment machine, making the transaction seamless and quick.
UPI Lite Autopay
Designed specifically for UPI Lite users, this feature automatically credits your account when the balance falls below a predetermined limit. This ensures uninterrupted transactions without the need for constant monitoring of your balance.
ClickPay QR
The ClickPay QR feature allows users to generate QR codes based on payment amounts. Scanning these codes facilitates immediate UPI payments without the additional steps of inputting payment amounts, speeding up the overall transaction process.
Final Thoughts
With the introduction of UPI Circle and other innovative features, Google Pay is set to make significant strides in the digital payment landscape in India. These enhancements not only simplify transactions for existing users but also open up new avenues for engaging with digital finance for those without traditional bank accounts. As the competition intensifies among payment platforms, Google Pay is poised to lead the charge with its user-centric innovations.
