Delegated payments on UPI could be pivotal in empowering dependents and underserved users with secure access to digital finance. Could it also unlock downstream financial products for them?
Great insights and use cases! However, the success of a product lies in mitigating the risks around core points of failure.
The delegated payments feature has been designed with the following core users in mind: the rural or less privileged elderly (senior citizens), non-tech-savvy individuals, or children.
This segment of users' ability to identify when fraud has occurred and report it via a Grievance Redressal Mechanism (GRM), coupled with the GRM's ability to trace, act, and resolve the issue with minimal financial loss, will determine the success of this feature with the masses.
The scope and margin of error for delegated payments are extremely narrow due to the type of core customer segments (i.e., the rural or less privileged elderly, non-tech-savvy individuals, or children), with whom trust, once broken, will be very hard to regain.
Great insights and use cases! However, the success of a product lies in mitigating the risks around core points of failure.
The delegated payments feature has been designed with the following core users in mind: the rural or less privileged elderly (senior citizens), non-tech-savvy individuals, or children.
This segment of users' ability to identify when fraud has occurred and report it via a Grievance Redressal Mechanism (GRM), coupled with the GRM's ability to trace, act, and resolve the issue with minimal financial loss, will determine the success of this feature with the masses.
The scope and margin of error for delegated payments are extremely narrow due to the type of core customer segments (i.e., the rural or less privileged elderly, non-tech-savvy individuals, or children), with whom trust, once broken, will be very hard to regain.