Correct Answer : Option (C) - Google Pay
Payments platform Google Pay has launched ‘Tap to Pay’ feature in collaboration with Pine Labs for Unified Payments Interface (UPI)-based transactions.
This is the first time the ‘Tap to Pay’ functionality is available on a payments platform as it was earlier only available for debit or credit cards.
To complete payment using this feature, a user needs to tap his phone on the POS terminal and authenticate the payment from his smartphone, using his UPI PIN, making the process virtually instantaneous and fast, compared to scanning a QR code or entering the UPI-linked mobile number.
The ‘Tap to Pay’ feature will be available for any UPI user who wants to use his Near Field Communication (NFC)-enabled Android smartphone to make transactions using any Pine Labs Android POS terminal across the country. This feature was piloted with Reliance Retail and will now be available at large merchants such as Future Retail and Starbucks.
“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,” said Sajith Sivanandan, business head, Google Pay and Next Billion User initiatives, Google APAC.
‘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, Sivanandan added..Source : Inc42