The National Payments Corporation of India (NPCI), an organisation responsible for developing and operating payment systems in the country, might soon come up with a new method to conduct UPI transactions. In stark contrast to the popular UPI transaction modes available today such as ‘Scan and Pay’ and ‘Pay to Contact’, the UPI ‘Tap and Pay’ method will capture the beneficiary’s UPI ID or VPA via Near Field Communication (NFC), making the UPI transaction experience easier, secure and instant. Users will be able to remit payments by tapping their NFC-enabled devices against the QR code.
The NPCI may reportedly launch the UPI Tap & Pay system at the upcoming fintech festival, which is scheduled to begin on August 28.
Here are 10 things you should know about UPI Tap & Pay:
- What is it really? Unlike traditional methods like Scan & Pay or Pay to Contact, UPI Tap & Pay uses NFC technology instead of a camera to complete transactions.
- This will make UPI payments not only easier but also faster and more secure.
- The payment method is designed to make UPI transactions smoother and more instantaneous.
- NFC: To use UPI Tap & Pay, the user will need an NFC-enabled mobile device.
- Tap & Pay transactions will be done on NFC Smart QR, NFC QR Soundbox or UPI Smart Tag with NFC.
- UPI apps will need to seek customer permission to enable NFC for Tap & Pay transactions.
- UPI apps must provide a separate call to action button on the homepage for Tap & Pay mode.
- UPI Tap & Pay mode will be available on mobile devices, whether running Android or iOS operating systems.
- While amounts up to Rs 500 will be processed through UPI LITE accounts, if enabled by the user, larger transactions will require a UPI PIN.
- UPI LITE Tap & Pay will be available on Android and iOS devices.
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