This will encourage customers to go for digital transactions even in those places that lack internet connectivity.
In times to come, you will not need the Internet or a smartphone to make a digital payment. You will be able to pay from any feature phone. The Reserve Bank of India (RBI) is trying to make the payment system more secure and user-friendly. The RBI has selected some Fintech companies, which are working in this direction. The Reserve Bank has allowed these companies to conduct live testing. Some companies are working on a voice-based payment system. Most of the firms use near-field communication (NFC).
1. eRupaya
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According to a news published in Livemint, testing has started in November 2020. Natural Support Consultancy Services of Jaipur has 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 tied up with Punjab National Bank (PNB) for this. In this, the facility of payment without internet will be available through NFC. This prepaid card can be recharged from Rs 2,000 daily up to 20,000 a month.
2. Payse
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Similarly, Delhi-based Nucleus Software Exports Limited has started testing its product PaySe. It will also be an online and offline payment card. In this too, NFC will be used for payment. It will be like a digital mobile wallet that will work in online and offline modes.
3. CityCash
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Apart from this, four companies started tests in December 2020. A company called Tap Smart Data from Mumbai is bringing its product CityCash, a prepaid card that runs on NFC technology. It facilitates offline person-to-merchant (P2M) payments. Customers can use it as a travel pass for buses, it can also be used as a wallet for payment to the merchant. Fino Paytech is one of the many investors who are funding this company.
4. Voice payment
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Naffa Innovations, a Bangalore-based company, is creating 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 existing device including a feature phone. ToneTag is testing offline payments to merchants through UPI. It works like NFC payments. In this process a sound wave is produced which contains the data, it receives the device of the sound merchant, along with the data transfer and the process is completed. The company holds several patents for the technology used.
5. Your voice will your password
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Another vibration of Bangalore is Ubona Technologies which is working on the payment process using sound waves. The company is offering the payment facility after the process of verification and identification of the voice of the customer. The company is testing voice-based UPI solutions, in which Person to Person (P2P) and Person to Merchant (P2M) transactions can be carried.
6. UPI based offline mobile solution
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One of the six companies that the Reserve Bank has chosen is Enroute Technologies of Noida. The company is testing a UPI based offline mobile solution. In which payment can be made through a SIM in a smartcard.
