CURRENT AFFAIRS

Detailed explanation-1: -Payments platform Google Pay has launched ‘Tap to Pay’ feature in collaboration with Pine Labs for Unified Payments Interface (UPI)-based transactions. This is the first time the ‘Tap to Pay’ functionality is available on a payments platform as it was earlier only available for debit or credit cards.

Detailed explanation-2: -In relation to UPI Payment Transactions, Google Pay is a TPAP authorised by NPCI to facilitate Payment Transactions through HDFC Bank, Axis Bank, ICICI Bank and State Bank of India. We are a service provider and participate in UPI through PSP Banks.

Detailed explanation-3: -Unified Payments Interface (UPI): Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.

Detailed explanation-4: -If you have an NFC-enabled phone, you can use Google Pay to make tap-to-pay payments straight from your phone. This lets you skip pulling out your credit or debit card at any card-payment outlet and can also be useful when you don’t have your cards with you.

Detailed explanation-5: -The service was officially launched on 20 September 2022. On 7 December 2022, RBI announced that UPI will upgrade from single-block-single to single-block-multiple debit for recurring transactions and investments in securities. The feature will help the user block funds for specific purpose and release it when needed.