Google Pay Rolls Out Innovative Features At Global Fintech Fest 2024: Everything You Need to Know

Google Pay, the Unified Prepaid Interface (UPI) payments app, introduced several new features at the Global Fintech Fest (GFF) 2024. These enhancements, set to launch later this year, aim to simplify user transactions and payments through the app.

The newly announced features include UPI Circle, UPI Vouchers or eRupi, Clickpay QR scan, Prepaid Utility payments, Tap & Pay with RuPay cards, among others. The company detailed these updates in a blog post, highlighting that these functionalities will enhance ease and convenience for users interacting with financial instruments and payments.

New Features Enhance User Experience

One of the notable features is UPI Circle from NPCI. This allows UPI account holders to enable trusted individuals to make digital payments even without a bank account. This feature is particularly useful for older family members who may not have a bank account or a Google Pay-linked account but need to make UPI payments.

UPI Vouchers or eRupi, a direct benefit transfer (DBT) feature launched in 2021, will soon be supported on Google Pay. With this feature, users can generate a prepaid voucher linked to a mobile number for digital payments without linking a bank account to UPI. This functionality will be available through collaboration with NPCI and the Department of Financial Services.

Clickpay QR scan is another addition aimed at simplifying bill payments on Google Pay. Users can pay their bills by scanning a QR code within the app. These payments are possible when the biller generates a customised QR code for the customer. Upon scanning, users will see the bill amount they need to pay.

Partnerships and Collaborations

Google Pay also introduces prepaid utility bill payments similar to those in Paytm. Users can discover their prepaid utility bills after adding their customer data to the app. Once added, they can make recurring payments to billers supporting prepaid payments across various categories. This feature is developed in partnership with NPCI Bharat Billpay.

The Tap & Pay with RuPay Cards feature will be available later this year. RuPay cardholders can add their cards to the app and use near-field communication (NFC) enabled smartphones on card machines for payments. Importantly, card information is not stored in the app.

Autopay Feature for UPI Lite

Finally, an autopay feature is being introduced for UPI Lite accounts. Users will have the ability to automatically top-up their UPI Lite balance when it falls below a specified amount. "These new features are designed to bring ease, convenience, and simplicity to how users interact with financial instruments," stated Google in their blog post.

The introduction of these features reflects Google's commitment to enhancing user experience through innovative solutions and strategic partnerships within the fintech ecosystem.