Google Pay has teamed up with Pine Labs to launch 'Tap to Pay' feature for UPI which will allow users to make payments seamlessly via UPI without using their cards. So far, this feature was available only for cards.
The Tap to Pay feature will make payments happen faster. To complete a payment, a user will just need to tap his/ her phone on the POS (point of sale) terminal and then authenticate the payment from the phone with UPI pin. This will make the whole payment process much easier than scanning a QR code or entering the UPI-linked mobile number to make a payment, Google said.
This Tap to Pay feature will be available for all UPI users who want to use their NFC-enabled Android smartphones to make a transaction using Pine Labs' Android POS terminal.
The feature has been piloted with Reliance Retail and will be available with other large merchants like Starbucks and Future Retail as well.
"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," said Sajith Sivanandan, Business Head - Google Pay and Next Billion User initiatives, Google APAC.
With Rs 8.26 lakh crore worth of transactions in just a month of December 2021, UPI has taken off in a big way in India, Pine Labs Chief Business Officer Kush Mehra said.
"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," Mehra added.
Commenting on the announcement, Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at 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. “
Bansal said interoperability has always been a winning proposition for UPI, and the partnership will be a step ahead in transforming the way real-time digital transactions are conducted, especially with retail merchants.
The feature is currently available only for NFC-enabled Android devices. Google told Business Today that for now this feature is going to be available only on Android devices. There is no information about when the company plans to include iPhones yet.
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