Fintech platform Cred has introduced a new feature that enables users to authorize UPI payments up to Rs 5,000 using facial recognition or fingerprint technology. This initiative, developed in collaboration with NPCI, is now accessible on both iOS and Android devices, enhancing security measures for various transactions such as settling credit card bills, making utility payments, engaging in merchant transactions, and conducting peer-to-peer transfers.
Biometric authentication represents a significant step towards improving the security and convenience of digital payments, aligning with the ongoing industry trend of leveraging advanced technologies to safeguard financial transactions. By integrating biometric verification, Cred aims to streamline the payment process and offer users a secure and seamless experience while managing their financial transactions.
This development underscores the continuous evolution of payment technologies, highlighting the importance of incorporating robust security measures to protect users’ sensitive financial information. As biometric authentication gains traction in the fintech sector, users can look forward to a more secure and efficient payment ecosystem.
Source: Tech-Economic Times