This innovation will not only drive convenience but also enhance security by reducing the risk of fraud within these trusted ecosystems.
FinTech BizNews Service
Mumbai, August 19, 2024: The introduction of UPI Circle by the NPCI marks a significant evolution in the digital payments landscape. Ajay Rajan, Country Head, Government, Multinational & International Business, Transaction Banking & Knowledge Units, YES BANK, believes: “UPI Circle will enhance the utility, flexibility & further scale of UPI transactions. UPI Circle will allow users to create closed-payment groups, facilitating seamless and instant peer-to-peer and peer-to-merchant transactions within trusted circles like families, friends, or small businesses. This innovation will not only drive convenience but also enhance security by reducing the risk of fraud within these trusted ecosystems. Additionally, UPI Circle can be leveraged for creating micro-communities within gig economies or collaborative platforms, where members can easily settle payments or pool resources in real-time. The versatility of this feature holds the potential to significantly broaden the scope of UPI beyond just individual transactions, enabling it to cater to more niche, group-based financial interactions. At YES BANK, we believe UPI Circle will catalyze further adoption of digital payments across various demographics & age-groups, asides enabling within informal and small business sectors, thereby playing a critical role in the ongoing digital transformation of India’s economy."
