Which Payment Service Provider (PSP) / Bank will Be the First to Introduce an NFC-Enabled UPI Sound Box?

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Which Payment Service Provider (PSP) / Bank will Be the First to Introduce an NFC-Enabled UPI Sound Box?

          I am eagerly anticipating an announcement from a Payment Service Provider or Bank regarding the introduction of the NFC-Enabled UPI Sound Box.

Which PSP will lead in introducing the NFC-enabled UPI Sound Box?

QR codes have become an integral part of the UPI payments ecosystem, serving as a vital component in enabling digital transactions.

In a significant stride toward promoting the adoption of QR codes and Near Field Communication (NFC) technology, the RBI Governor has introduced UPI Tap & Pay.

Apart from the traditional Scan and Pay method, users now have the choice to conveniently tap NFC-enabled QR codes at merchant establishments to finalize their payments.

The fusion of UPI QR Codes and NFC technology is poised to be a pivotal catalyst for elevating UPI transaction volumes in India/ Bharat.

The momentum has been set in motion with the recent unveiling of UPI Tap n Pay at Global Fin Fest 2023 last week.

This represents yet another innovative stride by India to promote secure electronic payments within the nation.

Naturally, we eagerly await the introduction of UPI Tap n Pay and will readily embrace it when it becomes available.

The sole limitation is that the mobile phones of bank account holders must have NFC capabilities.

Or is there another upcoming innovation on the horizon?

 

Disclaimer: These are solely my personal opinions. The ultimate goal is Safe ePayments. No more, no less.

Copyrights if any, belong to the original copyright holder only.

Diabetes Care Motivator   #DiabetesCareMotivator

 

 

Comments

  1. A J MishraSeptember 18, 2023 at 12:06 AM

    The banking industry plays a crucial role in the worldwide economy. Banks are the oldest financial mediators in the world. The banking industry has transformed a lot because of digitalization, which has created a huge impact on banking everyday operations. Earlier people used to trade things like gold and silver in the form of money however with the help of digitalization we are now witnessing digital currency in the form of digital payments. Read more about Blockchain Technology in Banking Industry

    ReplyDelete

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