NPCI adds reloadable wallet feature in RuPay cards for offline
National Payments Corporation of India (NPCI) said that it has introduced RuPay Contactless (Offline) feature, which also provides reloadable wallets within RuPay Card, for day to day transit payments.
NPCI has also introduced the RuPay Contactless (Offline) feature for retail payments on a pilot basis. These additional features will augment the overall transaction experience for the RuPay cardholders and revolutionize the overall card payment ecosystem.
This RuPay card comes with a reloadable wallet feature where customers can store money to ensure quick and seamless transactions without any irregularities even if they witness poor connectivity at the POS machines.
The RuPay NCMC (National Common Mobility Card) offline wallet can be used to make ticket payments in transit including metros, bus tickets, cab fares, etc enabling automatic quick cashless payments, thereby, reducing the wait time, traffic congestion, and in turn the transit time. These transactions are faster than a regular card transaction and work as a queue buster.
Additionally, with RBI’s approval for the pilot on retail offline transactions, the offline wallet facility is extended to retail stores (as a part of the pilot). The lack of internet connectivity or low speed of internet, especially in remote areas, stores located in basements, etc. is usually a major impediment in conducting digital transactions. Against this backdrop, providing an option for offline payments is expected to further the adoption of digital payments.
This facility would be a boost for merchants as it reduces physical payments time to “tap and go” mode and it’s easy acceptance infrastructure facilities smooth payments in areas of poor network coverage…..Read More>>