PhonePe is the first UPI Third Party Application Provider (TPAP) app to roll out the Aadhaar-based UPI onboarding flow, allowing several crore Indians to seamlessly and securely join the UPI ecosystem for the first time, the company said. . in a statement.
Under the previous UPI entry procedure, a valid debit card was required to set up a user account
The addition of
“We are excited to be the first fintech platform to offer Aadhaar-based authentication to our users, making UPI onboarding flows even easier and more inclusive. We believe this is a very progressive step by
In the new flow, the Aadhaar e-KYC flow becomes part of the UPI onboarding journey on the PhonePe app.
Users who choose this option only need to enter the last 6 digits of their Aadhaar number to start the onboarding process.
They then receive an OTP from UIDAI and their respective bank to complete the authentication process. Post this, customers can access all UPI features such as payments and balance checks on the PhonePe app.
“This will help to expand the overall UPI ecosystem, as well as onboard new customers for the digital payments. UPI has become a global example and countries around the world want to implement it. Going forward, we will work closely partnered with NPCI to bring UPI internationally,” said Agrawal.
With 41.5 crore registered users, one in four Indians is now on PhonePe. The company has also successfully digitized 3.3 crores of offline merchants, which cover 99 percent of PINs in the country.
Pet-care startup Supertails.com raises $10M in Series A funding
MT Autocraft is investigating EVs with Rs 100 cr financing, to employ 200 people