Google Pay, the popular Unified Prepaid Interface (UPI) payments app, recently announced an array of new features at the Global Fintech Fest 2024. These innovative features, which are set to roll out later this year, aim to make transactions and payments even more seamless and convenient for users.
Breaking Down the New Features
UPI Circle: This feature allows UPI account holders to grant trusted individuals the ability to make digital payments, even if they don’t have a bank account. This is particularly beneficial for older family members who may not possess a bank account or Google Pay-linked account but still need to make UPI payments. The feature comes with two options: Partial Delegation and Full Delegation, offering varying levels of control.
UPI Vouchers or eRupi: Launched in 2021, this direct benefit transfer feature enables users to generate prepaid vouchers linked to their mobile numbers, allowing digital payments without requiring a linked bank account. Google Pay will soon support this feature, making it more accessible to users.
Clickpay QR Scan: This feature simplifies bill payments by allowing users to scan a QR code within the Google Pay app, directly accessing the bill amount due. However, this functionality is contingent upon the biller generating a customized QR code for the customer.
Prepaid Utility Payments: Users can now discover and pay their prepaid utility bills directly through the Google Pay app, similar to the feature offered by Paytm. This functionality will be available across various categories and is powered by NPCI Bharat Billpay.
Tap and Pay with RuPay Cards: RuPay cardholders will soon be able to add their cards to the Google Pay app, enabling tap-to-pay functionality using their NFC-enabled smartphones. Notably, card information is not stored within the app.
UPI Lite Autopay Feature: Users will now benefit from an autopay feature that automatically tops up their UPI Lite account when the balance falls below a certain threshold.
Partnerships and Collaborations
The introduction of these new features is made possible through strategic partnerships with prominent players in the fintech industry, including the National Payments Corporation of India (NPCI) and the Department of Financial Services.
What This Means for Users
With the rollout of these features, Google Pay users can expect enhanced convenience, simplicity, and control over their financial transactions. The app aims to break down barriers and make digital payments more accessible to a broader audience, including those without bank accounts. As Google Pay continues to innovate and expand its offerings, users can look forward to an even more seamless and user-friendly experience.