Google Pay unveils new features to simplify transactions
What's the story
Google Pay has announced a clutch of new features at the Global Fintech Fest (GFF) 2024. These enhancements, which will be rolling out later this year, are designed to simplify transactions for users. The roll-out will include UPI Circle, eRupi or UPI Vouchers, Clickpay QR scan, Prepaid Utility payments, and Tap & Pay with RuPay cards, among other facilities. Google also revealed several strategic partnerships at the event.
Trusted transactions
UPI Circle: A new feature for trusted transactions
The UPI Circle is an innovative feature developed by the National Payments Corporation of India (NPCI). It allows UPI account holders to authorize trusted individuals to conduct digital payments, even without a bank account. This can be particularly useful for elderly family members who may not have bank accounts or Google Pay-linked accounts but need to make a UPI payment. The feature offers two levels of delegation - Partial and Full, providing flexibility in transaction approval and spending limits.
Digital vouchers
UPI vouchers for digital payments without bank accounts
Google Pay will soon support UPI Vouchers or eRupi, a direct benefit transfer (DBT) feature introduced in 2021. This feature allows users to create a prepaid voucher linked to their mobile number for digital payments, even without a bank account linked to UPI. The integration of this feature into Google Pay is being facilitated through collaborations with NPCI and the Department of Financial Services.
Bill payments
Clickpay QR scan to simplify bill payments
Another feature set to be introduced is the Clickpay QR scan for bill payments. This allows users to settle their bills on Google Pay by scanning a QR code within the app. However, this payment method is only available when the biller has generated a customized QR code for the customer. Upon scanning, users will be shown the amount due for payment.
Utility payments
Prepaid utility payments to streamline recurring payments
Google Pay is also introducing a feature for prepaid utility bill payments. Once users have added their customer data to the app, their prepaid utility bills will be identified. This enables them to make recurring payments to billers who accept prepaid transactions. The feature is being implemented in collaboration with NPCI Bharat Billpay and will cover various categories of bills.
Card payments
Tap & Pay with RuPay cards to enhance convenience
Google Pay will incorporate the Tap & Pay with RuPay cards feature. This will enable RuPay cardholders to add their card to the app and make payments by tapping their NFC-enabled smartphone on a card machine. Importantly, Google has assured that no card information will be stored in the app during this process.
Wallet top-up
UPI Lite autopay to ensure uninterrupted wallet balance
The UPI Lite feature is also being enhanced with an autopay function. This will automatically top up users' UPI Lite account when the balance goes below a certain amount. The aim of this new feature is to provide convenience and ensure that the wallet never runs out of funds, thereby facilitating uninterrupted transactions for users.