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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’. “The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece. <div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div> Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of fees for Axis Bank wearable payments device </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuance fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replacement fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily purchase limit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover up to 100% purchase limit </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits. The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device. How do wearable payment devices work? Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds. According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

After SBI, Axis Bank launches its own line of wearable payment devices that only cost $10 a piece

<ul><li><keyword id="1824765" type="COMPANY" weightage="20" keywordseo="Titan-company">Titan Company</keyword> has partnered with country’s largest lender <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) to introduce Titan Pay, a watch that will enable contactless payments.</li><li>With this launch, SBI account holders can tap their Titan Pay watch on <keyword id="2438417" type="PERSON" weightage="20" keywordseo="contactless-payment">contactless payment</keyword> POS machine without the need of swiping or inserting their SBI bank card. </li><li>Payments of up to Rs 2000 can be made without entering a PIN.</li></ul> The new normal has enforced upon an urgent need to bring about innovative &amp; safer purchase solutions in the retail space. The fifth largest watch brand in the world, Titan Company Limited has partnered with country’s largest lender State Bank of India (SBI) to introduce Titan Pay powered by <keyword id="7668181" type="UNKNOWN" weightage="20" keywordseo="Yono-Sbi">YONO SBI</keyword>. Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card. Payments of up to INR 2000 can be made without entering a PIN. A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies enables all the functionalities of a standard contactless SBI debit card. The payment feature on these watches will be accessible on over 2 million contactless MasterCard-enabled Point-of-Sale (POS) machines in the country. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between Rs 2995 and Rs 5995 to make it widely accessible to all SBI and Titan consumers. Speaking on the occasion, <keyword id="737485" type="PERSON" weightage="20" keywordseo="C-K-Venkataraman">C K Venkataraman</keyword>, Managing Director, Titan Company Limited said, “Titan has always been at the pinnacle of design and innovation. We have always launched products to cater to the changing needs of our consumers. SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure and seamless. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs.” Sharing his thoughts on the association, <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword>, Chairman, SBI said, “We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world’s 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with <keyword id="9949594" type="COMPANY" weightage="20" keywordseo="titan-payment-watches">Titan Payment Watches</keyword>. We believe this innovative offering will redefine the shopping experience for our customers with Tap &amp; Pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers”. Titan Company has always been at the centre of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.

Titan Company partners with SBI to launch watches that will help you make contactless payments

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>There's a simple formula to ensure you don't get ripped off when travelling on the London Underground.
Transport for London's (TfL) fare plan is staggeringly complicated compared to other networks, such as the <a href="http://web.mta.info/nyct/subway/">New York City Subway</a> (which has a flat rate no matter how far you travel) or the relatively new <a href="http://www.delhimetrorail.com/media.aspx">Delhi Metro</a> in India.
Many people end up paying more than they need to when taking public transport in the <keyword id="6354868" type="COUNTRY" weightage="100" keywordseo="UK">UK</keyword>'s capital - and it's even more complex now that <a href="http://uk.businessinsider.com/oyster-cards-vs-contactless-payment-2014-11">contactless payment is around</a>.
The worst example is when using pay-as-you-go (PAYG) Oyster cards to commute (rather than using weekly or monthly travel plans), which is fine if sticking to a set schedule, but can if you're not on a commuting routine. Contactless debit and credit cards are capped weekly, but Oyster cards are only capped daily, leading to starkly <a href="http://uk.businessinsider.com/oyster-cards-vs-contactless-payment-2014-11">polarised fare pricing</a>. 
There's no need to be mystified when hit by excess fares. Here's a simple way to work out the cheapest fare for your monthly commute. 
<ul>
<li>Work out the average number of monthly journeys</li>
<li>Use the chart below to add up the monthly cost, taking daily limits into account</li>
<li>If it's more than a monthly travelcard, buy a monthly travelcard </li>
<li>If you don't have access to a contactless payment card, it's probably best to ignore weekly plans</li>
</ul>
Monthly passes, contrary to popular belief, are not always cheapest. If you stick to two journeys a day, Monday to Friday, it's likely PAYG will remain the best option. But all it takes is a few extra expeditions for things to go wrong. 
Until the contactless payment structure is extended to monthly allowances and caps, and everyone in London has use of that technology, TfL will always have the upper-hand. 
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>

Here's A Simple Formula For Working Out The Cheapest Fare On The London Underground 

New Delhi, Apr 27 () German automakers Volkswagen, BMW and Mercedes on Monday said they have introduced online sales initiatives in India in order to help customers book vehicles from the safety of their homes amid the coronavirus pandemic. Volkswagen said it is digitising its sales and service portfolio, enabling customers with the flexibility to choose their preferred model at their comfort and convenience. The online retail process is simple, hassle-free and provides an end-to-end contactless experience, the company said in a statement. From a customer displaying interest, to a conversation with the sales consultant up till the vehicle handover process, will be conducted virtually, the automaker added. "With the launch of our simple, secure and user-friendly online retail platform, we are pushing the boundaries of end-to-end retail sales and strengthening our commitment to customers," Volkswagen Passenger Cars India Director Steffen Knapp said. Volkswagen has integrated its 137 sales and 116 service touchpoints, enabling customers to choose their preferred dealership while booking online. Luxury carmaker BMW also said it has rolled out a unique contactless experience for its customers in India. The 'BMW Contactless Experience' enables customers to explore and buy new and pre-owned BMW cars, book vehicle service, make payments online. "Amidst the current pandemic situation, we have successfully transformed our business processes and put in place various measures to effectively and efficiently serve our existing customers and prospects by leveraging new-age digital technologies," BMW Group India Acting President Arlindo Teixeira said. As business dynamics evolve post the current COVID -19 pandemic, the initiative will play a crucial role in offering seamless sales and aftersales services to existing and new customers, he added. Similarly, Mercedes-Benz India said it has further developed its online sales platform and announced a host of new customer initiatives under the campaign 'Merc from Home'. The initiative focuses on the ease of purchasing a vehicle using digital tools to facilitate the entire process, including online payment of products and services. "The customers now can not only explore, select and make online payment for our products and services from the comfort of their homes, but can also get their Three Pointed Star delivered right at their doorsteps, as per their convenience," Mercedes-Benz India MD and CEO Martin Schwenk said. Honda Cars has also announced an online sales platform which it plans to integrate with its pan-India dealerships. Hyundai Motor India has already integrated its entire sales network of over 500 dealerships across the country with its recently introduced online sales platform. MSS RVK

Volkswagen, BMW, Mercedes take online sales route amid coronavirus pandemic

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li><keyword id="2998893" type="PERSON" weightage="20" keywordseo="Manasi-Narasimhan">Manasi Narasimhan</keyword>, VP and Head, <keyword id="6354839" type="UNKNOWN" weightage="20" keywordseo="marketing">Marketing</keyword> and Communications, South Asia, <keyword id="6368201" type="UNKNOWN" weightage="20" keywordseo="mastercard">Mastercard</keyword> tells us how the brand has been communicating with its target audience and letting them know about the benefits of contactless payments.</li></ul> With the Covid-19 <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword>, there have been innumerable ways in which consumer behavior has evolved and adapted. One of the most prominent things to have happened is a consumer’s need for contactless deliveries and payments, to ensure the virus is not passed on. A recent report by PwC revealed that while <keyword id="1399736" type="PERSON" weightage="20" keywordseo="Digital-Payment">digital payment</keyword> volumes declined in sectors like aviation, tourism, hospitality, hotels, entertainment, e-commerce (non-essentials) and restaurants, there was also an uptick in areas like online grocery stores, online pharmacies, OTT players (telecom and media), EdTechs, online gaming, recharges and utility/bill payments. Another survey of 42,000 respondents conducted by consultancy firm Local Circles revealed that the lockdown benefited digital payment platforms with 42% of Indians having increased the use of digital means during the first few weeks of the lockdown. With an increase in overall digital payments, contactless payments are also seeing a surge and Mastercard has been working on educating consumers about the benefits and importance of contactless payments, Manasi Narasimhan, VP and Head, Marketing and Communications, South Asia, Mastercard tells us. Excerpts: Q) Owing to the lockdown, digital transactions have seen an uptick. How have things been for Mastercard in the period following the lockdown? What kind of impact has the lockdown had on you? We are living in uncharted times. Balancing the need to protect ourselves and maintain our daily lives is the challenge facing everyone around the planet. Due to the uncertainty that lies ahead, people are learning that they must make different choices. This includes how we pay. At Mastercard, we remain committed to accelerate digital payments throughout. With the lockdown we’ve all become conscious about our health and sanitation habits and are avoiding crowded places. Online shopping is becoming the new way of buying essentials. Under normal circumstances, contactless cards would provide an easier and safer way to pay. In unusual times like these, the benefits they provide are even more valuable. Contactless cards are also safe and secure. They work with EMV secure chips and each contactless transaction includes a unique code that changes with each purchase to ensure that your details and transactions are secure. Even if you tap your card more than once for a single purchase, the transaction only takes place once, keeping you covered from unintended usage. You also get instant alerts for every transaction always keeps you notified of your card’s usage. While transacting through contactless cards, you are always in control as you don’t need to hand over the card at the payment counter.This contactless technology also empowers some of the most financially vulnerable with a safe and secure way to make and receive payments.Hence, we continue in our endeavor to educate the customer on the benefits and importance of contactless payments. Q) Have there been any interesting consumer trends you have observed in the lockdown period? In the current environment,it is relatively safe and easy to do online shopping. Hence this is one trend that I see picking up. In physical stores, there is an uptick in contactless payments as well. In fact, a report by Local circles mentions that 42% of Indians have increased digital payments during the lockdown, bringing a lot of first-time users, who were not tech savvy, closer to the digital payment’s ecosystem as well. Consumers are aware of contactless deliveries and are availing such doorstep delivery for their essentials. There is also an increased focus on health, hygiene and well-being. Q) As a marketer, what has your priority been in these last few weeks? My priority remains to be in touch with my teams and agency partnersand I have done this effectively through virtual meetings. Even when life recovers post Covid-19, I think these virtual sessions will be here to stay, ensuring business continuity in the new normal. I am also focused on how our business can serve our customers even during these times. We continue to educate the consumer and merchants on the benefits of contactless cards and digital payments. We also continue to educate the consumer on safety of digital payments and are committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences. I believe that once consumer and merchant behavior changes, it will transform the ecosystem. Q) How have you been engaging and communicating with your consumers during this period? We have undertaken various initiatives to engage with our consumers in this new normal. We are now comfortable with virtual meetings and calls and are constantly brainstorming on ways in which we can connect with our stakeholders. For us collaboration is key and we are working closely with all our stakeholders including banks and merchants to promote safety of using cards to shop online. We are educating customers through social media campaigns and use of various celebrities and influencers on contactless technology. It works best since there is no physical touch that is required – ensuring personal safety along with minimizing the risk of payment fraud. We also continue to work with small businesses to offer them free tools that will help them better track and manage expenses and help them digitize which will be a requirement in the new normal. We have also come out with various campaigns during this time. Our campaign #ThankYouVyapaariyo was developed specially to thank small merchants. This campaign was an extension of our strategic goal of enabling 10 million merchants with digital payments acceptance infrastructure and financial literacy by end 2020. Similarly, we are exploring new ways of engaging with the audience with snackable content like listicles, videos and webinars. Q) How did your media mix evolve during the period? Most brands are digital and TV heavy right now. Is it the same for you? Our focus continues to be Digital &amp; TV. With any campaign that we undertake, the objective is always to first create awareness, comprehension and then behavioral change. Television has the best track record of behavior change, of salience and brand recall. Digital is also something that is part of the mix especially seeing its growth and reach during the lockdown. We are also open to use influencers to spread our message. I always say that the media mix really depends on the objective.We are open to anything as along as it works for the audience, works for our message and delivers us return on investment. Those are the only three criteria that one would have. Q) What have your key learnings been from this experience so far? The current situation has made me believe more than ever that while marketers need to stay relevant, they cannot be opportunistic but seek more to serve the customer. Brand and corporate reputation while hard to measure becomes an asset in times of crisis. At such times customers turn to what they know and it is critical to maintain the trust of our customers. This will help them to stick by us in good times and bad. Q) There is now hope that things will slowly go back to normal now. How are you, as a brand, preparing for the post-Covid world? I believe this is an opportunity for us as a brand to show that we genuinely care about our customers and stakeholders. We will continue to extend our expertise to all the stakeholders we work with including banks, merchants, retailers, those in the e-commerce industry and help them to transition smoothly to the new normal. Since more than 80% retail transactions in India are below ₹2000, we will continue to educate the consumers that contactless cards are the best way to make super quick, safe and secure payments. We will work towards helping merchants optimize their consumer experience, especially regarding queue management, cashier throughput, cash handling and associated logistics. We will also communicate consistently with timely updates and information on our business continuity plans. This will help us as a brand to evolve and endure during these difficult times. Q) How have you made sure that your marketing communications during this period did not come across as opportunistic? I have been especially focused on this and as a brand I feel we need to continue to support our customers. Consistent communication with a humane approach is the need of the hour. Customers can see through opportunistic communication that only seeks to sell. During these times, every action you take could be good or detrimental to your brand. However, by using empathy to craft an informative social media campaign or internal communication campaign, you could reach your audience in an authentic way and build trust. Q) What are a few things that a marketer should be careful about and keep in mind during times of crisis? As a marketer, one needs to always be vigilant about protecting their brand reputation and more so during times of crisis. While everyone is adjusting to the new normal there are many risks that can arise. This includes brand reputation risks, brand safety risks, privacy risk, cybersecurity risks, financial risk, all within the context of marketing.Moreover, I feel that intelligent brands will realize they need to activate their purpose now. If brands start communicating authentically, they will be perceived as trustworthy and this will help them gain in the long term. Consumers will have less patience for brands that are looking for immediate gains. Brands that understand their customers in a crisis and stand by them will significantly increase affinity for themselves. And as everything goes online and there is a rise in the number of interconnected devices,another thing we will need to keep in mind is the importance of data privacy. There is an imperative and opportunity to protect the digital ecosystem. As a financial brand we recognize the importance of earning and maintaining the trust of our customers, cardholders and consumers and we need to be even more vigilant now.

Marketing in the times of Covid-19: Mastercard

<ul><li><keyword id="2750705" type="General" weightage="80" keywordseo="google-pay" source="Orion">Google Pay</keyword> gets ‘Tap to Pay’ feature in collaboration with <keyword id="1552189" type="General" weightage="80" keywordseo="pine-labs" source="Orion">Pine Labs</keyword>.</li><li>Google Pay lets you make contactless payments via NFC.</li><li>It will be available at merchants like Future Retail and Starbucks. </li></ul>Google’s payment platform Google Pay has launched the ‘Tap to Pay’ UPI-based payment system in collaboration with Pine Labs. This new functionality makes paying easier and faster where you just have to tap the phone to pay, which is seen on some credit and debit cards. Note that the feature will only work on NFC-enabled Android smartphones to make payments by using any Pine Labs Android POS terminal across the nation. This means to complete payment, you have to just tap your smartphone on the POS terminal and authenticate the payment from your phone, using <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> PIN. This process is quick and seamless when compared to entering a UPI-linked mobile number or scanning a QR code. Making a statement on development <keyword id="5364271" type="General" weightage="50" keywordseo="sajith-sivanandan" source="Orion">Sajith Sivanandan</keyword>, Business Head of Google Pay said, “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. ‘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. We are very excited to bring this first-ever innovation to India, in collaboration with Pine Labs.” Kush Mehra, Chief Business Officer, Pine Labs believes the feature will further strengthen UPI acceptance in India and will appeal young population who have already started adopting contactless and digital payments. How to use Google Pay Tap to Pay? First, make sure your smartphone has NFC (Near Field Communication) tag, which is hardware equipment that makes the feature work on the device. The contact is done when the phone’s NFC tag is tapped on the POS machine, which also has a tag to receive the signal. The feature is only for Android phones, for now, there was no mention of the iOS version yet. To enable NFC <ol><li>Open Settings.</li><li>Look for the NFC toggle and turn it on or go to the “Search settings” bar, type “NFC”.</li><li>Tap and turn on NFC. </li></ol>To make a payment using NFC <ol><li>Unlock your phone.</li><li>Tap your phone on the POS terminal (Pine Lab terminals are supported).</li><li>The Google Pay app will open automatically.</li><li>Confirm the amount to be paid and tap proceed.</li><li>Your payment should be done. </li></ol>See also: <a href="https://www.businessinsider.in/tech/news/facebook-messenger-gets-a-new-update-that-let-you-send-silent-replies-and-gifs/articleshow/90536828.cms">Facebook Messenger gets a new update that let you send silent replies and GIFs</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-launches-five-new-smartphones-in-the-galaxy-a-series-in-india/articleshow/90513121.cms">Samsung launches five new smartphones in the Galaxy A series in India</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-enable-dark-mode-in-microsoft-excel-including-a-spreadsheets-cells/articleshow/90527597.cms">How to enable dark mode in Microsoft Excel, including a spreadsheet's cells</a>

Google Pay now has Tap to Pay for UPI — here’s how to use it

Homegrown consumer electronics startup <keyword id="6359801" type="General" weightage="20" keywordseo="seven" source="Orion">Seven</keyword> on Wednesday launched an innovative smart wearable ring – called '<keyword id="19159765" type="General" weightage="20" keywordseo="7-Ring" source="Orion">7 Ring</keyword>' for contactless payment. The ring has been crafted using premium Zirconia Ceramic material that gives it a premium look and makes it durable. The 7 Ring comes in seven different sizes, providing a comfortable and customised fit for all users. With its seamless and hassle-free payment technology, users can effortlessly make transactions, from their morning coffee to their evening cocktail, with a simple tap, the company said. "With its chic design, durability, and convenient payment capabilities, 7 Ring is the perfect blend of style and technology, catering to the needs of modern consumers," <keyword id="19430234" type="General" weightage="80" keywordseo="vijay-khubchandani" source="Orion">Vijay Khubchandani</keyword>, Founder &amp; CEO of Seven, said in a statement. According to the company, the ring's contactless payment feature enables users to make secure payments without the need for a wallet, phone, app, pin, or OTP, revolutionising the way transactions are made. The ring is engineered with the latest NFC technology, ensuring a seamless and reliable connection without the need for Bluetooth. Its dustproof and waterproof features make it suitable for everyday wear, enabling users to embrace an active lifestyle without compromising on style or functionality. In addition, its scratch resistance ensures long-lasting beauty and functionality, making it an ideal accessory for daily wear. Managed by an easy-to-use app, users can enjoy a safe and smooth transaction experience, empowering them to embrace a more convenient and secure payment lifestyle. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank">Six out of the top ten most selling cars in India in October are from Maruti Suzuki</a><a href="https://www.businessinsider.in/sports/webstories/double-centuries-in-odis-maxwells-power-packed-200-to-rohit-sharmas-three-double-tons/slidelist/105060032.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/double-centuries-in-odis-maxwells-power-packed-200-to-rohit-sharmas-three-double-tons/slidelist/105060032.cms" target="_blank">Double centuries in ODIs – Maxwell’s power-packed 200 to Rohit Sharma’s three double tons</a><a href="https://www.businessinsider.in/tech/mobile/news/the-average-selling-price-of-smartphones-increased-in-a-flat-market/articleshow/105033814.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/the-average-selling-price-of-smartphones-increased-in-a-flat-market/articleshow/105033814.cms" target="_blank">The average selling price of Indian smartphones has increased despite a flat market</a>

Now, a '7 Ring' for contactless payment – Here's how it will work

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

Now, no more forgetting that debit/credit card at the teller machine or checking twice and thrice before leaving a shopping mall in case we left the card at the billing counters! Here’s introducing the contactless debit and credit cards that come with a fraud cover of Rs 1 lakh, by the State Bank of India. 
 The <keyword id="2581731" type="UNKNOWN" weightage="20" keywordseo="contactless-cards">contactless cards</keyword> uses near field technology (NFC) that enables users to make payments by waiving or tapping the card near the contactless reader instead of swiping or dipping it. 
 
"The NFC technology makes the contactless cards very secure as the card never leaves your hand thereby reducing the <a href="http://economictimes.indiatimes.com/definition/risk" target="_blank">risk</a> of card loss and fraud. The customers can tap or wave the card at the POS machine enter the pin and complete the transaction to pay at busy locations," said bank said in a statement to media. 
 
To add to its merits, the card will come with emergency replacement facility anywhere in the world. 
 
"We will tie-up with campus, hospitals and corporate for card," said <a href="http://economictimes.indiatimes.com/topic/SBI" target="_blank">SBI</a> chairman <a href="http://economictimes.indiatimes.com/topic/Arundhati-Bhattacharya" target="_blank">Arundhati Bhattacharya</a> speaking to media while launching sbiINTOUCH card at Starbucks, as per a report in the Economic Times. She was optimistic that once RBI gets comfortable with NFC technology it would increase the minimum limit from Rs 2,000. The bank has tied up with Shoppers Stop, Reliance Retail, <a href="http://economictimes.indiatimes.com/topic/Big-Bazaar" target="_blank">Big Bazaar</a> and Starbucks. 
 The country's largest bank, <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>, will upgrade all its existing 2.20 lakh point of sale (PoS) machines to <a href="http://economictimes.indiatimes.com/topic/NFC" target="_blank">NFC</a> technology. The bank currently has 5,000 NFC enabled machines and it plans to launch 10,000 new PoS which will accept contactless cards. 
 SBI is the country's largest issue of <keyword id="6356475" type="UNKNOWN" weightage="20" keywordseo="debit-card">debit card</keyword> and the third largest issuer of <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">credit card</keyword> after <a href="http://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms" target="_blank">HDFC Bank</a> and <a href="http://economictimes.indiatimes.com/icici-bank-ltd/stocks/companyid-9194.cms" target="_blank">ICICI Bank</a>. As on December 2014, SBI has issued as many as 14.7 crore debit cards and 30 lakh credit cards. 
 
(Image credits: thinkstock)

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