New Delhi, November 08, 2024: GenWise, India’s largest online app-based club for elders & senior citizens, today announced the launch of UPI payments on its app. This is the industry’s first-ever implementation of UPI that has been specifically designed keeping in mind the preferences of the Indian elders like simplicity of user interface, security and cyber fraud awareness. GenWise UPI has been developed in collaboration with Axis Bank, which is acting as the sponsor bank for facilitating the transactions.
Over the years, UPI has become an integral part of everyday transactions with over 400 million unique users. In October alone, the platform has processed over 16.5 billion transactions. However, over 250 million Indian elders have remained less connected to this transformation due to fear of the unknown and complex interface of other apps.
With over 65% penetration of smartphones in Indian elders, the potential for UPI adoption in this segment is immense. GenWise UPI will enable India’s elders to scan and make payments while shopping, pay to their friends and family, pay their utility bills, amongst others. GenWise UPI has built audio-based user interface as well as security features like geo-fencing, face/biometric app authentication etc. offering advanced security features tailor made for senior citizens. Keeping in mind that the elders are not comfortable sharing their mobile numbers or using their main bank account for digital transactions, GenWise has also added UPI Lite and Mobile Number Mapper on the platform and will push these features aggressively.
Speaking on the launch, Nalin Bansal, Chief of Fintechs, Corporates & New Initiatives, NPCI said, “Our goal is to ensure that every Indian has access to digital payment solutions, which is vital for driving economic growth and financial inclusion. We are happy to see GenWise providing a safe and user-friendly UPI payment solution for senior citizens, making it easier for the elderly to make digital payments nationwide.”
Echoing this sentiment, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said, “Axis Bank holds a leadership position in the UPI ecosystem and we are committed to enhance it through ongoing collaborations focusing on innovative products. As we continue to leverage advanced technology and strategic collaborations to deliver and co-create secure, reliable, and scalable modes of payments, we are happy to partner with GenWise and play a part in making UPI payments more accessible and secure for India’s elders. With the advanced security measures incorporated into the GenWise UPI platform, this will be a game-changer for the elderly population.”
Commenting on this significant milestone, Nehul Malhotra, Founder of GenWise, said, “GenWise started out in 2023 with the mission of taking Indian elders from loneliness to laughter. Since inception, our focus has been to build innovative and never seen before solutions which our user’s demand. Continuing on same approach, we are now expanding our offerings to help this important and neglected segment of population to manage their financial goals better. With the launch of GenWise UPI, a secure and tailor-made digital payment experience, our goal is to take UPI to 20 million Indian elders over the course of next 2 years. We will do sessions across the country to make our elders aware about the benefits of GenWise UPI. We are also working to launch never seen before retirement planning and wealth management solutions for this important demographic”
