National Payments Corporation of India (NPCI) has partnered Yes Bank to launch RuPay On-the-Go. The novel contactless payments solutions will allow customers to make small and large value transactions using daily wear accessories.
The product was launched at the Global Fintech Festival 2021, in association with fintech infrastructure partner Neokred and manufacturing partner Seshaasai.
Praveena Rai, COO, NPCI, said: “We are delighted to associate with Yes Bank, Neokred, and Seshaasai to launch the futuristic RuPay On-the-Go solutions which will enable seamless contactless payments for day-to-day use. 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.”
Anita Pai, COO, Yes Bank, added: “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.”
What is RuPay On-the-Go?
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 will have to tap, followed by their PIN. For online transactions, the BHIM YES PAY app will provide a virtual RuPay card to the customers that can be used for digital and e-commerce transactions.
The wearable payment solution would eliminate the need to carry a physical card, enabling instant payments with a simple “tap, pay, go” mechanism, Yes Bank said in a release.
To avail this solution, customers can log on to BHIM YES PAY app, register themselves and apply for RuPay On-the-Go. Even consumers without an existing YES BANK account can avail these wearables. RuPay-On-the-Go consumers will additionally be eligible for over 200 attractive offers across merchant categories as applicable on regular RuPay Prepaid cards.