What is UPI Meta? New feature will allow PhonePe, GooglePay, Paytm users to…; Check features, how to activate

The United Payments Interface or UPI, has emerged as the preferred mode of payment for millions of Indians over the last decade, and now the National Payments Corporation of India (NPCI) is reportedly set to introduce a new feature that will enable users to save their UPI IDs on their favorite websites they often visit to shop, book tickets, or make any other kind of transaction.

According to details, the feature will allow UPI users to make quick payments on their favorite websites by eliminating the need to enter their UPI ID for every transaction. This works similar to how debit cards and credit card details are saved for future purchases on websites.

What is UPI Meta?

As per reports, the new feature, called UPI Meta, is currently under development by the NCPI, the umbrella body that facilitates services like UPI, Bharat Bill Pay, RuPay Card, FASTag, and similar services. NCPI has roped in industry experts to refine the feature, and UPI Meta will be rolled once all the chinks are ironed out, they said.

Experts believe that UPI Meta will make online payments using popular UPI apps, like PhonePe, GooglePay, Paytm, or Amazon Pay, a breeze, and will work something like card payments, as users will be able to shop, book tickets, order groceries and food, on their favorite websites and apps without the need to enter details for every transaction.

Experts flag concerns

However, many experts have raised concerns over the feature being misused by cybercriminals if the user’s device is compromised. Additionally, industry insiders believe that UPI Meta will benefit big players like PhonePe, GooglePay, Amazon Pay, and will throttle any momentum gained by smaller UPI service providers.

But NPCI believes that the proposed feature will allow the UPI system to challenge the dominance of online cards as many credit card providers entice users to make card payments to earn rewards. Card companies get a commission whenever a transaction is made using their card, but there is no such benefit for UPI service providers.

As per reports, the NCPI aims to further boost UPI usage across the country, which has slumped to 36 percent in 2023-24, against the previous growth rate of over 50 percent in the previous two fiscals.

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