GPay has introduced a new feature that aims to speed up UPI transactions with smartphones. The company has partnered with Pine Labs to introduce a new “Tap to Pay” feature for UPI. This new UPI feature aims to reduce the overall number of steps required to make an instant digital payment with UPI. Tap-to-pay functionality is available for credit and debit cards. Even some phones with NFC had the ability to mimic the debit or credit card to make a touch-based transaction. Also read – Apple and Google close loophole that allowed Russians to use payment services
The functionality will be available to any UPI user who wants to use their NFC-enabled Android smartphone to conduct transactions through any Pine Labs Android POS terminal nationwide. The update for the feature may reach your device at a later date. Also read – India made over 7,422 million digital transactions in FY22 alone
Google tested this feature with Reliance Retail and is now rolling it out to other major retailers like Future Retail and Starbucks. Also Read – How to Cancel Your Netflix Subscription
How does the new GPay Tap to Pay work?
-Once the user needs to make a payment, all they have to do is tap their phone on the POS terminal, which should include the feature.
-The user must then authenticate the payment from their phone using their UPI PIN
-Once the user enters the UPI PIN, the transaction goes through smoothly. However, an internet connection is required, as is the case with the QR scanning method.
How does this new feature affect your payment process?
The new payment method eliminates two of the most time-consuming steps in completing a UPI transaction. You don’t need to open the camera in the app and then scan it either. The process will be much faster automatically.
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 script for the world, first with enabling real-time payments with UPI and then continuing to innovate Flows that reduce transaction time to virtually zero. Tap-to-Pay for UPI is having a profound impact on busy retail stores as it seeks to greatly reduce queue management overhead and takes digital payments at the POS well beyond cards. We are very excited to bring this first-ever innovation to India in collaboration with Pine Labs.’
“At 8.26 lakhcrore INR Transactions worth just a month December 2021 UPI has seen a big boost in India. Today we’re excited to partner with Google Pay, enabling tap-to-pay for UPI transactions on Pine Labs Android POS terminals. We believe this will further boost UPI acceptance in India and will appeal to consumers, particularly the young population who have developed a preference for contactless and digital payments,” said Kush Mehra, Chief Business Officer, Pine Labs.
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, said: “We are excited to see the popular tap-and-pay technology being developed for UPI. With the growing adoption of UPI, this unique feature with Google Pay and Pine Labs will improve the customer experience and pave the way for a smarter and faster payment experience. Interoperability has always been a compelling argument for UPI, and this will be a step forward in transforming the way digital transactions are conducted in real-time, particularly at retailers.”