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You Can Now Open an FD on Google Pay Without Opening a Separate Bank Account
Google Pay now allows users in India to use their Aadhaar card-based authentication to set up Unified Payments Interface (UPI). The move is part of Google Pay’s efforts to increase financial inclusion in India. This feature is in addition to the previous support for Rupay credit cards.
Using Aadhaar to Authenticate Google Pay
Setting up Google Pay using Aadhaar card-based authentication is now an option for users without a bank account. Google Pay has made the process simple. When setting up UPI on the app, users can select authentication via Aadhaar card. You will be required to enter the first six digits of the Aadhaar card, the one-time passwords (OTPs) received from UIDAI and the bank, and within a few minutes, the bank will complete the process.
All that is required is a device with the phone number linked to UIDAI and bank accounts linked to Aadhaar cards. The UPI PIN can now be set without having to use a debit card. It is important to note that Google does not store your Aadhaar card details for added security.
Banks that Support Aadhaar Card Authentication for Google Pay
The Aadhaar card-based authentication feature of Google Pay is supported by several banks such as Canara Bank, Paytm Payments Bank, Punjab National Bank, and other banks. However, major banks such as HDFC and ICICI do not currently support it, but the list is expected to grow soon.
Conclusion
The addition of Aadhaar card-based authentication to Google Pay allows more people to access financial services in India. This new feature aims to promote financial inclusion in the country, offering a quick and easy way for people to authenticate themselves and set up their UPI on Google Pay.
FAQs
What is UPI?
Unified Payments Interface (UPI) is an instant real-time payment system that enables people in India to send and receive money using a mobile device.
What is the Aadhaar card?
The Aadhaar card is a unique identification document issued by the Indian government. It contains an individual’s biometric data (photograph, fingerprints, and iris scan) along with their name, address, and a unique 12-digit identification number.
What is Aadhaar card-based authentication?
Aadhaar card-based authentication is a process in which a user can prove their identity by entering the first six digits of their Aadhaar card number and receiving OTPs from UIDAI and their bank to authenticate themselves.
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