‘Tap To Pay’ With Google Pay
Google Pay has planned its next step to boost the pace of the UPI payment facility. Digital Wallet Platform is teamed up with Pine Labs and is going to launch a new facility of ‘Tap To Pay’. Of course, as the name sounds you should know something flashy is coming up. Gpay’s new feature works by reducing the unnecessary steps users have to go through to pay someone. This feature is more like a touch-based payment system that debit and credit users can use. Also, phones having NFC can use fast-paced touch pay systems.
When Tap To Pay Will Arrive?
This function will soon be available for the Google Pay users who have NFC enabled smartphones. They can choose to pay with Pine Labs android POS terminals across the country. For others, this feature may reach later for their devices. Google has first introduced this feature with Reliance Retail to us. Later will be rolled out for other giant merchants such as “Future Retail and Starbucks.”
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How Will This Feature Impact UPI Payment System?
‘Tap To Pay’ as soon as it rolls out will remove the two most time-consuming UPI payment steps. Opening the camera and scanning the QR is the most time taking process, especially for phones having slow performance. By removing this from the syllabus the process will become rapid automatically.
Managing Director and Business Head, Google Pay, Sajit Srivanandan 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”.
Kush Mehra, CBO, Pine Labs said, “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.”