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Under the previous UPI onboarding flow, a debit card used to set the user’s UPI PIN during the UPI registration process was mandatory. This limited PhonePay access to many Indian bank account holders who did not have a debit card. But now, adding Aadhaar onboarding for UPI will remove this restriction.
It also allows people who previously used PhonePay to opt for the convenience and benefits of digital payments. The app aims to simplify UPI onboarding flows. Moreover, it is a progressive move by RBI, NPCI and UIDAI. This is a good example of digital financial inclusion possible with UIDAI’s Aadhaar programme. The new system will link Aadhaar e-KYC with UPI onboarding in the PhonePay app. Hence, users opting for this option need only enter the last 6 digits of their Aadhaar number to initiate the onboarding process.
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Individuals can get an OTP from UIDAI or their respective bank to complete the process. Once this is posted, customers will be able to access all UPI features like payments and balance check in the PhonePay app. This will help develop the overall UPI ecosystem and bring new customers to the digital payment system easily. UPI has become a global model. Countries around the world are gearing up to implement it. PhonePay is currently working with NPCI to make UPI international. With this, the country’s payment system will come under a wider digital ecosystem.
According to estimates, one in four of India’s 41.5 crore registered users now use PhonePay. The company has successfully digitized 3.3 crore offline merchants covering 99% of the country’s zip codes.
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