Making UPI payments could soon be as easy as making a sound with your phone
Three companies, hired by NPCI, are in the process of testing sound-based e-payment technology.
A new way to pay is around the corner. The National Payments Corporation of India (NPCI) is toying with the idea of introducing sound-based payments as part of the Unified Payments Interface (UPI), it is learnt.
NPCI is currently in the process of testing sound-based payments with three companies: PhonePe, ToneTag and UltraCash. In the last six months, the pilots have moved from preliminary tests to proof of concept stage where banks are participating with their independent mobile wallet products to see how sound-based payments can be plugged in.
Even as UPI has seen a steep rise in the value of transactions since August 2016, its efficacy as a payment medium for businesses is under test as merchants are still resisting it. While the NPCI is trying to ease the experience through innovations such as QR code integration with UPI, the adoption has been slow forcing the body to look for other solutions.
For instance, ICICI Bank’s pockets app has integrated Tonetag’s sound pay solution on a trial basis and it allows people to pay at accepting merchants by just having their phone in proximity with the accepting machine.
“There is a huge demand of moving person to merchant transactions away from cash. QR code is interoperable but it has experience and security challenges since QR codes are static and they can be replicated easily,” said Kumar Abhishek, founder of Tonetag.
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Mayank Jain
Business Standard
May 16, 2018 08:22 IST
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