Banks to permit UPI with Aadhaar card, OTP this week
By MYBRANDBOOK
Bank account holders will now be able to use their Aadhaar card and OTP in place of a debit card from March 15, 2022. Banks have been instructed to activate this UPI service for all bank account holders. The feature was first released by the NPCI to help customers who either don’t have a debit card or whose debit card has not been activated to start using UPI.
It is important to note that banks have to ensure that the facility of UPI on-boarding using Aadhar with OTP will be available only if the UPI application is being used on a mobile having an Aadhar registered mobile number and the same mobile number is registered with the bank.
Particularly, the National Payments Corporation of India (NPCI) has asked banks to provide this UPI service to customers by December 15, 2021 earlier. The deadline for UPI feature was later extended to March 15, 2022, since many banks prioritised offering other product features.
The NPCI’s circular said, “This enablement will go a long way in increasing inclusion of customers across the country to digital payments, since Aadhar number is now available with almost all Indian citizens. Also, onboarding using Aadhar with OTP acting as the second factor of authentication opens up a safe, secure, and convenient alternative onboarding channel, thereby increasing digital footprint.”
As per Pradhan Mantri Jan Yojana data, of 448.2 million customers who have opened a bank account under the scheme, only 314.6 million have been issued debit cards, which indicates that there are many customers who have a bank account but do not have a debit card, hence restricting their access to UPI.
In this architecture, NPCI will connect with the Unique Identification Authority of India (UIDAI) on behalf of the customer's bank to seek authentication, and validation of Aadhar OTP will be done as per UIDAI guidelines.
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