Tag: RuPay On-the-Go

Shopify survey, BFSI News, ET BFSI

Personal Finance

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– Kruthikaa Lakshman

Contactless payments, especially UPI, is gaining traction this Diwali. Nearly 50% of festive shoppers said that they preferred to process payments via UPI as
opposed to any other form, a survey by e-commerce platform Shopify said.

The survey found that the preference for UPI remains consistent across both, online and offline shopping experiences.

The COVID-19 pandemic has had a lot to do with these trends, the survey said. Though the experience that predates the festival is anticipated by many, the
convenience and safety of online shopping has persisted by 76.9% of the shoppers this festive season, it added.

Shopify India released “The Festive Shopping Outlook Report 2021”, measuring consumer trends in the last month, in time for Diwali. Trends have shown that the festive shoppers who would traditionally begin buying for the season, a month in advance hadn’t done so this year.

With mobile phones and internet access to non-metro shoppers, more and more people were seen opting for the digital medium. Online shopping is prevalent after the pandemic has increased to larger areas of the country, according to the report.

60% shoppers use digital payments multiple times a week for festive season shopping: Survey

Contactless payment using radio frequency identification (RFID) or near field communication (NFC) is also constantly improving. The National Payments Corporation of India (NPCI) recently partnered with YES Bank to launch RuPay On-the-Go contactless payments solutions, which is further pushing shoppers to opt for contactless payments, the survey added.

Further, the survey said that the digital payments platform has been opened by Google Pay for use in contactless UPI patents as well.

In terms of what shoppers shopped for during the season, the survey finds that gold and precious metal jewellery, which have been traditional festive gifting favorites, seem to have fallen out of favor this year.

This year, most shoppers were seen investing in tech gadgets. Electronic gadgets, according to the survey, are all set to command maximum consumer gifting budgets with close to 42% respondents showcasing increased propensity towards it.



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NPCI, YES Bank launch RuPay On-the-Go

Banking & Finance

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The National Payments Corporation of India (NPCI) has partnered with YES Bank to launch a contactless payments solutions — RuPay On-the-Go.

This was launched on Tuesday in association with fintech infrastructure partner, Neokred, and manufacturing partner- Seshaasai 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 would 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,” said a statement.

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 Rs 5,000 without the need to input the PIN. For payments above Rs 5,000, customers need to tap, followed by their PIN.

For online transactions, the BHIM YES Pay app provides a virtual RuPay card to customers that can be used for digital and e-commerce transactions, the statement further 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,” said Praveena Rai, COO, NPCI.

Consumers without an existing YES Bank account can also avail of these wearables.

Anita Pai, COO, YES Bank said, “The RuPay On-the-Go smart accessories, such as keychains with tap-and-pay functionality, will enable customers to make digital payments securely, more easily and in style.”

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