GPay has introduced a new feature that is bound to speed up UPI transactions using a smartphone. The company has tied up with Pine Labs to launch a new ‘Tap to Pay’ feature for UPI. This new UPI facility aims to reduce the total number of steps required to make instant digital payments using UPI. Tap to Pay feature is available for credit and debit cards. Even some phones with NFC had the option to imitate a debit or credit card to perform touch-based transactions.
The functionality will be available to any UPI user who wishes to use their NFC-enabled Android smartphone to make transactions using any Pine Labs Android POS terminal across the country. Updates for convenience may reach your device later.
Google started this feature with Reliance Retail and now it will be offered to other big merchants like Future Retail and Starbucks.
How the new GPay Tap to Pay will work
-Once the user needs to make a payment, all they need to do is tap their phone on the POS terminal which should have this feature.
The user then needs to authenticate the payment from his/her phone using his/her UPI PIN
-Once the user enters the UPI PIN, the transaction will take place without any hitches. However, it will require internet connectivity as is the case with QR scanning method.
How this new feature will affect your payment processing
The new payment method will remove the two most time-consuming steps in making UPI transactions. You don’t have to open the camera within the app and then scan it. The process automatically becomes very fast.
Commenting on the development, Sajith Sivanandan, Business Head – Google Pay and Next Billion User Initiatives, Google APAC said, “Fintech growth in India is writing the playbook for the world, the first to enable real-time payments with UPI. With, and so forth, innovating with the flow that reduces transaction times to almost zero. Tap to Pay for UPI has a profound impact on high-traffic retail outlets, the hassle of queue management is much less, and digital payments at POS go beyond cards. We are very excited to bring this first innovation to India in association with Pine Labs.
“With INR 8.26 Lakh Crore” Transaction price in just one month of December 2021, UPI has taken off in a big way in India. Today, we are delighted to partner with Google Pay and enable ‘Tap to Pay’ for UPI transactions on Pine Labs Android POS terminals. We believe this will further strengthen the acceptability of UPI in India and appeal to consumers, especially the younger population, who have preferred contactless and digital payments.” Kush Mehra, Chief Business Officer, Pine Labs said.
Nalin Bansal, Chief of Corporate & Fintech Relationships & Key Initiatives, NPCI, said, “We are delighted to see the popular Tap & Pay technology pioneering UPI. With the adoption of UPI, this first of its kind functionality with Google Pay and Pine Labs will enhance the customer experience and pave the way for a smarter and faster payment experience. Interoperability has always been a win-win proposition for UPI, and it will be a step forward in transforming the way real-time digital transactions are performed, especially at retail merchants.
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