The debut of Tap to Pay for UPI in India was announced on Wednesday by Google Pay, which has partnered with Pine Labs. Users will be able to make UPI payments by just touching their phones on a supported Point-of-Sale (PoS) terminal at a nearby retailer that has enabled the capability. Initial testing of the new service was carried out with Reliance Retail, and it will now be made available at a number of other prominent retailers, including Future Retail and Starbucks. It will be made available to UPI users who have Android handsets with NFC capabilities. A Pine Labs Android point-of-sale terminal, on the other hand, is required in order to do tap-to-pay transactions.
Users can initiate transactions by touching their phone on the PoS terminal and authenticate the payment from their phone using their UPI PIN by utilising the Tap to Pay for UPI capabilities. It decreases the amount of time required for scanning a QR code or inputting a mobile number that is linked to a UPI.
As a first step, make sure that NFC is enabled on your device before commencing the new experience. Due to Apple’s policy of not allowing NFC-based payments through systems other than Apple Pay, the feature is likewise restricted to Android devices.
Sajith Sivanandan, Business Head of Google Pay and Next Billion User initiatives for Google APAC, said in a prepared statement that “Tap to Pay for UPI has profound implications for high traffic retail outlets, with queue management hassles posed to be greatly reduced, and taking digital payments at POS well beyond cards.”
Google Pay Partnership With Pine Labs
Google Pay already provides tap-to-pay capability based on NFC technology in a number of worldwide markets, including the US. The new experience, on the other hand, is distinct since it is integrated with the government’s UPI.
According to Kush Mehra, Chief Business Officer at Pine Labs, “We believe this would further strengthen UPI acceptability in India and appeal to consumers, particularly the millennial demographic, who have developed a preference for contactless and digital payments.”
Android users in India have had access to tap-to-pay capability through their mobile wallets for some time now, thanks to companies such as Paytm and Samsung. The present experience, on the other hand, is compatible with bank cards. As a result of Google Pay’s shift, the service may become more mainstream and more popular among Indian consumers.
Among the most popular apps in India for making UPI payments is Google Pay, which has a large user base. Following up on its position as the second-largest participant in February, according to data from the National Payments Corporation of India (NPCI), the app processed 152.40 lakh crore transactions totalling Rs. 2.91 crore in the month. PhonePe, on the other hand, maintained its position as the market’s leading UPI app, with 212.02 million transactions worth Rs. 4.07 lakh crore.
According to the National Payments Corporation of India (NPCI), UPI transactions in the country fell to 452.74 crore worth Rs. 8.26 lakh crore in February from 461 crore worth Rs. 8.31 crore in January.
Nalin Bansal, the NPCI’s Chief of Corporate and Fintech Relationships and Key Initiatives, stated that the move to enable Tap to Pay for UPI functionality would be a significant step forward in terms of transforming the way real-time digital transactions were conducted, particularly in retail merchants. “The move to enable Tap to Pay for UPI functionality will be a significant step forward,” Bansal added.
This “first-of-its-kind” technology, developed in partnership with Google Pay and Pine Labs, will “enhance the user experience” and pave the path for “a smarter and faster payment experience,” according to the CEO.
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