The era of plastic debit and credit cards is going to be a thing of the past soon. Thanks to an Indian innovation, plastic debit or credit cards will no longer be needed to make payments or withdraw money from ATMs. The Innovation Unit of the Reserve Bank of India (RBI) and government agencies like NPCI are playing an important role in this work.
The era of plastic debit and credit cards is going to be a thing of the past soon. Thanks to an Indian innovation, plastic debit or credit cards will no longer be needed to make payments or withdraw money from ATMs.
The Innovation Unit of the Reserve Bank of India and government agencies like NPCI are playing an important role in this work. Many of these products have been displayed at the RBI Innovation Hub exhibition in the Bharat Mandapam.
The meeting of top leaders of G-20 countries will be held on 9th and 10th September in Bharat Mandapam itself, where these leaders will also visit this Innovation Hub Centre. The exhibition showcased Tap and Pay facility for payments, which has been recently launched by RBI.
Under this, for UPI payment up to Rs 500, there will be no need to scan any QR code from the mobile phone nor will there be any need to enter a PIN. You will be able to pay up to Rs 500 just by tapping the phone on the QR code machine or POS.
Will be able to pay bill through key ring
Similarly, if you have RuPay payment facility then you will not need to keep any plastic card. You will be able to pay the bill by touching your key ring or watch at the point of sale. The bank is providing these types of key rings to the customers.
Smartwatch manufacturing companies are also going to launch watches equipped with this facility in the market, but this facility is only for RuPay cards.
Presently most of the people withdraw money from ATMs through cards.
Two days back, the facility to withdraw cash from ATMs with the help of UPI was also demonstrated at RBI’s FinTech exhibition in Mumbai. Right now most people use cards to withdraw money from ATMs.
Very few people withdraw money through cardless mode, because it is not very easy, but now if you have UPI facility in your phone, then you will select your amount by touching the UPI payment screen on the ATM screen. After that, the QR code will appear on the ATM machine. Which will be scanned with the mobile phone and you will enter your PIN. Then the ATM will give that amount.
This facility will be expanded by tying up with banks. According to the officials present at the exhibition, the biggest facility of RuPay card is that it can be kept in digital form, whereas debit or credit cards issued by Visa or MasterCard cannot be kept in digital form yet.