GPay has launched a new feature that is bound to speed up UPI transactions using smartphones. The company has collaborated with Pine Labs to launch a new ‘Tap to Pay’ feature for UPI. This new UPI feature aims to reduce the total number of steps required to make an instant digital payment using UPI. The Tap to Pay feature has been available for credit and debit cards. Even some phones with NFC had the option to mimic the debit or credit card to make a touch-based transaction. Also Read - Google in talks to join India's open e-commerce network
The functionality will be available to any UPI user who wants to use their NFC-enabled Android smartphone to transact using any Pine Labs Android POS terminal across the country. The update for the feature may reach your device at a later stage. Also Read - How to block someone on Google Pay: A step-by-step guide
Google piloted this feature with Reliance Retail and will now be rolling it out at other large merchants such as Future Retail and Starbucks. Also Read - How to connect Spotify to Google Home
How will the new GPay Tap to Pay work
-Once the user needs to make a payment they will just need to do is tap their phone on the POS terminal, which should have the feature in it.
-The user then needs to authenticate the payment from their phone, using their UPI PIN
-Once the user enters the UPI PIN, the transaction will go through without a hitch. However, it will require internet connectivity as is the case with the QR scanning method.
How will this new feature impact your payment process
The new payment method will remove two of the most time-taking steps in making a UPI transaction. You won’t have to open the camera within the App and then you won’t have to scan it. The procedure automatically becomes much quicker.
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, first with enabling real-time payments with UPI, and further, by innovating with flows that make the transaction time virtually zero. Tap to Pay for UPI has profound implications for high traffic retail outlets, with queue management hassles poised to be greatly reduced, and taking digital payments at POS well beyond cards. We are very excited to bring this first-ever innovation to India, in collaboration with Pine Labs.’
“With INR 8.26 lakh crore worth of transactions in just a month of December 2021, UPI has taken off in a big way in India. Today, we are pleased to partner Google Pay and enable ‘tap to pay’ for UPI transactions on Pine Labs Android POS terminals. We believe this will further strengthen UPI acceptance in India and appeal to consumers, especially the youth population who have taken a liking 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 delighted to witness the popular Tap and Pay technology being pioneered for UPI. With the growing adoption of UPI, this first-of-its-kind functionality with Google Pay and Pine Labs will augment the customer experience and pave the way for a smarter and faster payment experience. Interoperability has always been a winning proposition for UPI, and this will be a step ahead in transforming the way real-time digital transactions are conducted especially in retail merchants.”