The National Payments Corporation of India (NPCI) recently partnered with a private bank to launch first-of-its-kind RuPay On-the-Go contactless payments solutions. Launched at the Global Fintech Festival 2021, RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India. RuPay is NPCI’s multinational financial services and payment service system.
As per a statement by NPCI, this wearable payment solution will redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple “tap, pay, go” mechanism. It is expected to “revolutionise contactless payments with a superior customer experience that is smart, fashionable, super quick, convenient, and completely secure,” the statement noted. RuPay On-the-Go is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to IN₹5,000 (US$66.5) without the need to input the PIN. For payments above this, customers need to tap, followed by their PIN. For online transactions, the BHIM YES PAY app provides a virtual RuPay card to the customers that can be used for digital and e-commerce transactions.
NPCI was incorporated in 2008 and has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag), and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI brings innovations in the retail payment systems through technology and is working to transform India into a digital economy. It facilitates secure payments solutions with nationwide accessibility at minimal costs to attain India’s target to be a fully digital society.
NPCI is looking at US$1 trillion worth of transactions through UPI on an annual basis, as digital payments are progressing in the country. There is significant progress happening in digital payments in the country. Last year, the total digital payment transactions reached about 55 billion in terms of number, with all kinds of payments put together, according to data from NPCI officials.
Earlier this month, NPCI and the Union Bank of India launched the Union Bank RuPay Wellness Contactless Credit Card. It focuses on customers’ lifestyle, fitness, rejuvenation, health, and personal care. Cardholders are entitled to one complimentary premium health check-up package in a year. Even after utilising the complimentary package, users can go for health check-ups at discounted rates, as OpenGov Asia reported. This is significant in the context of the COVID-19 pandemic. Cardholders will also be able to avail of monthly holistic spa sessions at over 100 outlets with one complimentary wellness treatment every year, along with discounted sessions throughout the year. Additionally, customers can avail of complimentary access to over 30 domestic airport lounges twice per quarter across India. Further, with the card, consumers would be able to avail themselves of 15-30 days of complimentary gym membership at selected gyms across India. The existing members of these gyms will get a discount of 40-50% while renewing their membership using the card. It will also provide concessional access to over 20 premium golf courses in top cities in India with one complimentary golf game or lesson every year.