The Global Fintech Fest (GFF) concluded on Friday, showcasing significant developments in the fintech space. Among the key announcements, tech giant Google revealed several new features and partnerships that will soon enhance the Google Pay experience for its users. Google emphasized its ongoing commitment to simplifying financial transactions for Indian consumers, making payments more convenient and secure.
Key Announcements by Google Pay:
1. **UPI Circle:**
Google Pay introduced UPI Circle, a new feature designed to make digital payments more accessible to those who may be hesitant to link their own bank accounts. This feature allows existing UPI users to add trusted contacts, such as family members or friends, as secondary users. These secondary users can make payments without needing their own bank account linked to UPI. Users can choose between Partial Delegation, where they maintain full control by approving each payment request, and Full Delegation, which allows secondary users to make payments independently within a set limit of up to Rs 15,000.
2. **UPI Vouchers (eRupi):**
UPI Vouchers, also known as eRupi, offer a prepaid digital voucher linked to a mobile number, enabling recipients to make payments without linking a bank account. These vouchers can be used on any UPI-supported app, including Google Pay, for merchant transactions. Google developed this feature in collaboration with the National Payments Corporation of India (NPCI) and the Department of Financial Services, aiming to bring digital payments to a broader audience.
3. **ClickPay QR Scan for Bill Payments:**
The ClickPay QR Scan feature streamlines bill payments on Google Pay by allowing users to scan a customized QR code to pay their bills instantly. This eliminates the need to remember account details or lengthy consumer IDs. Billers can generate QR codes tailored to individual accounts and display them at points of sale, in emails, or on other digital platforms. When scanned, the QR code automatically fetches the latest bill details, enabling quick and hassle-free payments.
4. **Prepaid Utilities Payment:**
Google Pay is expanding its services to include prepaid utilities payments, providing users with more options to manage their daily expenses through the app.
5. **Tap & Pay with RuPay Cards:**
Google Pay users can now use the Tap & Pay feature with their RuPay cards, enhancing the convenience of contactless payments.
6. **Autopay for UPI Lite:**
The Autopay feature for UPI Lite allows users to set up automatic payments for recurring transactions, making it easier to manage regular bills and subscriptions.
These new features reflect Google’s commitment to making digital payments more secure, accessible, and user-friendly for millions of Indians. As Google Pay continues to evolve, these innovations are expected to significantly enhance the way users manage their finances and conduct transactions.
