🐘 India🇮🇳: UPI payment system will introduce biometric authentication… plus an update on Revolut🇬🇧🇱🇹

🐘 India🇮🇳: UPI payment system will introduce biometric authentication… plus an update on Revolut🇬🇧🇱🇹
India’s payment market continues to demonstrate strong momentum and innovation.

➡️ For transactions of up to ₹5,000 ($56 USD), biometric verification —facial recognition and fingerprint scans— will replace traditional PIN codes. However, regulators have indicated that this limit may be reviewed in the near future.

➡️ The new identity standard will enable users to set or reset their PINs directly through the UPI app, eliminating the need for one-time passwords or debit card verification.

➡️ Regulators also require annual encryption updates, and any inactive biometric data will be automatically disabled after 90 days.

➡️ Meanwhile, the UK-Lithuanian digital bank Revolut is officially expanding into the Indian market. By 2030, the company aims to attract 20 million users, targeting the “goal-driven youth” demographic.

#news #India #payments #fintech

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