National Payments Corporation of India (NPCI) has partnered with YES 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. This innovative wearable payment solution, in association with fintech infrastructure partner-Neokred and manufacturing partner- Seshaasai, would eliminate the need to carry a physical card.
Customers can pay up to Rs5000 without the need to input the PIN at RuPay contactless-enabled PoS at retail outlets. 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.
Praveena Rai, COO, NPCI said, “The wearable tech space is an integral part of driving contactless payments, and we are working toward building a secure and inclusive payments ecosystem with our partners. We look forward to unleashing the full digital potential of our customers and accompany them in this fast-evolving payment ecosystem.”
Anita Pai, COO, YES BANK, said, “Tech solutions that allow people to make contactless payments – through smart objects that blend in with their style – will find favour with customers seeking a delightful experience.”