Digital Payment will now be without internet – STD10.NET

Digital Payment will now be without internet

Digital Payment will now be without the internet! The voice will become the password
Digital Payment: In the coming days, you will not need the internet or a smartphone to make a card payment. You can pay with any feature phone. However, the Reserve Bank of India (RBI) is working to make the payment system more secure and better. For this, RBI has selected some Fintech Companies. Which is working these days. The Reserve Bank has given these companies the opportunity to live to test. There are some companies that are working on the voice-based payment system.

 

According to a news published in Livemint, testing has started in November 2020. Jaipur-based Natural Support Consultancy Services started testing a product called eRupaya in November last year. This product uses prepaid cards and point of sale (POS) based on Near Field Communication (NFC). The company has entered into an agreement with Punjab National Bank (PNB) for the same. It will have the facility to pay without internet through NFC. This prepaid card can be recharged from Rs. 2000 per day. You will be able to recharge up to Rs. 2000 per month.

Thus, Nucleus Software Exports Limited, a Delhi-based company, has started testing its product PaySe. This will also be done with online and offline payment cards. It will also use NFC for payment. This will be like a digital mobile wallet that will work in online and offline mode.

In addition, four companies started testing in December last month. A Mumbai-based company called Tape Smart Data is launching its product CityCash, a prepaid card that works on NFC technology. This facilitates offline person-to-merchant (P2M) payments. It can be used as a travel pass for consumer buses. The merchant can use it as a wallet for payment. Fino Paytech is one of the many investors who are issuing funds to this company.

Naffa Innovations, a Bangalore-based company, is developing a product that will complete the payment process using sound waves. The brand name of this product is ToneTag. It can be used on any available device, including feature phones.

Another Bangalore-based company, Ubona Technologies, is working on the payment process using sound waves. The company is offering payment facility after the process of verification and identification of customer’s voice. The company is testing voice-based UPI solutions, which will allow person-to-person (P2P) and person-to-merchant (P2M) transactions.

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One of the six companies selected by the Reserve Bank is Eroute Technologies from Noida. The company is testing a UPI based offline mobile solution. In which payment can be made through a SIM in a smart card.

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