GenWise & Axis Bank brings UPI payments for Indian Elders on the app

By Gloria Mathias

GenWise, India’s online app-based club for elders and senior citizens, has launched UPI payments on its app.

This is the first-ever implementation of UPI specifically designed to consider the preferences of Indian elders, such as simplicity of user interface, security, and cyber fraud awareness.

GenWise UPI was 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 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% of Indian elders having smartphones, 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 their friends and family, and pay their utility bills, among other things. GenWise UPI has built an audio-based user interface and security features like geofencing, face/biometric app authentication, etc., offering advanced security features tailor-made for senior citizens.

Nalin Bansal, Chief of FinTechs, Corporates & New Initiatives, NPCI, said, “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.”

Nehul Malhotra, Founder of GenWise, said, “GenWise started in 2023 with the mission of taking Indian elders from loneliness to laughter. Since inception, our focus has been to build innovative and never-before-seen solutions that meet our user’s demands. Continuing on the same approach, we are now expanding our offerings to help this important and neglected segment of the population 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 next 2 years. We will do sessions across the country to make our elders aware of the benefits of GenWise UPI. We are also working on launching never-seen-before retirement planning and wealth management solutions for this important demographic.”