India Witnesses Millions of Online Payments
According to a report, more than 40 crore (400 million) people in India engage in digital transactions. In sectors such as grocery, food delivery, and tourism, over 80% of transactions are conducted online. The report also states that PhonePe, Google Pay, Paytm, and Cred dominate the UPI-based payment market with over 95% market share. The report predicts that the digital payment market, currently valued at INR 3,200 lakh crore, is expected to reach INR 4,000 lakh crore by the financial year 2026.
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Users Can Set UPI PIN Without a Debit Card
With the Aadhaar-based UPI facility, Google Pay users can now set their PIN without a debit card. Currently, this feature is available for bank account holders. As per UIDAI data, more than 99.9% of adults in India possess an Aadhaar card and use it at least once a month. Google stated that the Aadhaar-based onboarding feature for UPI has been introduced to facilitate a large number of users, thereby promoting financial inclusion across the country.
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How to Use this Feature
To onboard Aadhaar-based UPI, it is necessary for users to link their Aadhaar and bank account with the same mobile number. After that, users can choose between using a debit card or Aadhaar-based UPI on Google Pay. If the Aadhaar option is selected, users need to enter the first six digits of their Aadhaar card. Then, an OTP will be sent to their registered mobile number. After receiving the OTP, users can set their UPI PIN.
