IoT-Enabled UPI: NPCI Plan for Smart Device Payments
Why in the news
NPCI’s 2025 roadmap includes a UPI version for connected gadgets, letting them settle everyday payments without a person tapping a phone.
Key facts
- Devices: smartwatches, connected cars, refrigerators, washing machines, smart TVs.
- Uses: parking, metro fares, subscription renewals.
| Element | Detail |
|---|---|
| Identity | Unique virtual payment address per device |
| Delegation | UPI Circle and AutoPay; mandates and limits set per device |
| Security | Pre-approved mandates, OTPs or device authentication |
Significance
- Supports the 10x growth goal for UPI.
- Gives consumers contactless payments and strengthens embedded finance and inclusion.
About IoT
The Internet of Things links sensor-equipped physical objects so they swap data and automate tasks online.
Exam angle
- Developer of UPI: NPCI.
- Terms: UPI Circle, AutoPay, IoT.