Google Pay unveils new features at Global Fintech Fest: UPI Circle, Vouchers, and more
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At the Global Fintech Fest (GFF) 2024, Google Pay announced a series of new features aimed at enhancing user experience and simplifying digital transactions.
These updates, set to roll out later this year, include innovations like UPI Circle, UPI Vouchers (eRupi), Clickpay QR scan, Prepaid Utility payments, Tap & Pay with RuPay cards, and more.
Additionally, Google Pay introduced several strategic partnerships during the event.
In a detailed blog post, Google Pay highlighted how these new features will bring increased convenience and efficiency to digital payments. Among the most notable is the UPI Circle feature, introduced in collaboration with the National Payments Corporation of India (NPCI). This feature allows UPI account holders to enable trusted family members, who may not have a bank account or Google Pay-linked account, to make digital payments.
The primary user can choose between Partial Delegation, where they approve each transaction, or Full Delegation, which grants the delegatee a monthly spending limit of up to Rs 15,000.
Another significant update is the integration of UPI Vouchers, or eRupi, a direct benefit transfer (DBT) feature first launched in 2021. Soon to be supported on Google Pay, this feature allows users to generate prepaid vouchers linked to a mobile number, enabling digital payments even without a bank account linked to UPI. This update is being implemented in partnership with NPCI and the Department of Financial Services.
Google Pay is also introducing Clickpay QR scan, a new feature for bill payments. This allows users to pay bills by scanning a QR code within the app, provided the biller has generated a customized QR code for the customer. Once scanned, the bill amount will be displayed, making the payment process seamless.
For those with prepaid utility bills, Google Pay is adding a feature similar to Paytm’s. Users can add their customer data to the app, which will then discover and manage their prepaid utility bills. This feature will enable recurring payments across different categories and is being launched in partnership with NPCI Bharat Billpay.
Additionally, Tap & Pay with RuPay Cards will soon be available on Google Pay. RuPay cardholders can add their card to the app and use their NFC-enabled smartphones to make payments by tapping on a card machine. Importantly, the card information is not stored in the app, ensuring security.
Finally, UPI Lite is being enhanced with an autopay feature, allowing users to automatically top-up their UPI Lite account when the balance drops below a specified amount.
