The Unified Payments Interface is meant to simplify transactions over smartphones in the country.
The national payments system launched in India this week. The Unified Payments Interface (UPI) is designed to let shoppers complete transactions using mobile phones. So far, the launch includes 21 particpating banks. Customers of those banks can already use the mobile payments services.
Among the banks include ICICI, Axis Bank, Yes Bank as well as eighteen others in India.
With UPI, customers can use the national mobile payments system to both send and receive money. All they need is a smartphone and an account with a participating bank. This system functions by assigning a “virtual identifier” to a user, instead of a person’s actual identity. The purpose is heightened mobile security. There are a number of different functions available by way of the platform. The functions include: bill payments, barcode based in-store purchase transactions, real-time peer to peer (P2P) transactions, delivery payments as well as several others.
The national mobile payments system was initially announced in April and has since been pilot tested.
The pilot initially consisted of bank employees. Now that the pilot is complete, availability has broadened substantially. Any Indian bank with more than 1,000 pilot customers and a success rate of 80 percent with 5,000 or more transactions can use the UPI mobile apps. They can offer their branded version of UPI mobile payments applications by way of the Google Play store. That way, it can be accessed by the general public in India.
By using those requirements for launching the mobile apps in the Google Play store, the goal was to incentivize participation in the pilot. That way, there would be a greater capability for improving the application before the nationwide launch. It is possible for existing mobile users to integrate their platforms into the Unified Payments Interface.
Some have predicted that this national mobile payments platform will be very helpful in boosting e-payment adoption in India. That opportunity has the potential to move the country forward in its progress toward financial inclusion. This is important as only just over half of Indians (53 percent) currently have bank accounts.
This wearable technology saw its debut at the Rio 2016 Olympics and was worn by athletes there.
The NFC Ring has been attracting interest since its original crowdfunding by way of Kickstarter. It has finally made its debut, which occurred at the Rio 2016 Olympics. Olympic athletes wore the wearables enabled with near field communication technology. This made it possible for them to pay for their purchases using their Visa accounts.
Now, these wearable technology devices are available for the rest of the public to pre-order.
The NFC Ring works through near field communication technology. This means that it can be tapped against NFC readers in-store to pay for purchases. The tech is now available for pre-order and has a price tag of about $53. The user must choose his or her ring size in order to make sure it will fit his or her hand. The first wave of shipments are expected to begin in December. That said, while it is equipped with the technology for mobile payments it’s important to note that the relationship with Visa was limited to the test with the Olympians.
The NFC Ring payments technology is getting ready for widespread use.
NFC technology is a much shorter range of wireless communication than Bluetooth or WiFi. This means that a mobile payments transaction can’t be completed unless the wearables are waved immediately over the reader or are tapped together.
Many of the largest mobile wallets use this technology. This includes Apple Pay, Android Pay and many others launched by credit card companies and even retailers. The new wearable technology is among the first to provide a device other than a smartphone or smartwatch for mobile payments.
This specific project began with Kickstarter around three years ago. It has been carefully watched by the tech community and consumers alike. This marks its first release for public purchase. It is sold in black and white ceramic color options. The design is such that it appears to be a regular ring instead of some form of technology.
Aside from mobile payments, the NFC Ring can also be used with near field communication enabled smartphones and tablets to unlock them without the need for a password or passcode.
* Correction – this article was altered on August 27, 2016. It had previously inaccurately implied that the relationship between Visa and the NFC Ring extended beyond the test among the Olympians in Rio 2016.
The pilot initially consisted of bank employees. Now that the pilot is complete, availability has broadened substantially. Any Indian bank with more than 1,000 pilot customers and a success rate of 80 percent with 5,000 or more transactions can use the UPI mobile apps. They can offer their branded version of UPI mobile payments applications by way of the Google Play store. That way, it can be accessed by the general public in India.