FIVE REASONS WHY BIOMETRIC AUTHENTICATION IS THE FUTURE OF UPI PAYMENTS
Published By Moushumi Mahanta | 19 Aug, 2024
NPCI is exploring the introduction of biometric authentication for UPI payments. Instead of using PINs, customers would rely on fingerprints or facial recognition for transactions.
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Here are some benefits of biometric authentication of UPI payments:
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Fraud Prevention
Biometric authentication is nearly impossible to duplicate, significantly reducing the risk of fraud.
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Enhanced Security
Stored biometric data is encrypted, making data breaches difficult and ensuring that only authorized individuals can complete transactions.
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User Convenience
Users benefit from faster transactions and don’t need to remember complex passwords, as biometric traits are unique and easily accessible.
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Financial Inclusion
Biometric payment systems enable individuals with feature phones to participate in the digital payments ecosystem using their Aadhaar credentials.
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Government Support
The government is promoting biometric payments to curb financial fraud and enhance safety and convenience in the digital payments landscape.