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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

<ul class="summary-list"><li>This is a preview of Payments Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-payments-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-mobile-payments-technology-contactless-nfc&amp;vertical=paycom#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-mobile-payments-technology-contactless-nfc">Business Insider Intelligence offers even more consumer coverage with Payments &amp; Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox.</a></li></ul>The rise of mobile payments technology truly began in 2014 when Apple Pay hit the market. At the time, it was the only major mobile wallet out there.But in the last few years, mobile wallets have flooded the market with offerings such as Samsung Pay, Chase Pay, Android Pay, Microsoft Wallet, Walmart Pay, and Kohl's Pay. Each of these offers unique benefits to the user and encourages customers to form shopping habits around them.And so far, they seem to be succeeding. eMarketer <a href="https://content-na1.emarketer.com/apple-pay-dominance-drives-mobile-payment-transaction-volume">estimates</a> that US proximity mobile payment transactions will grow to $161.41 billion in 2021. Below, we've outlined how mobile and contactless payments work and explained the different types of payments technology that are shaping the present and future.<h2>What Are Contactless Payments and How Do They Work?</h2>To understand how contactless payments work, let's take a hypothetical example. You have an iPhone, which allows you to take advantage of Apple Pay. You input your credit card information onto your phone, which stores it for later use.Later on, you're shopping at a store that has mobile payment readers at the register. Rather than reach for your wallet, you take out your phone and hold it a few inches away from the point-of-sale (POS) terminal. This device then automatically reads the payment information stored on the smart chip embedded in your card and then processes the transaction.Each chip connects to an antenna, and POS terminals emit a high frequency radio wave that facilitates communication between the reader and the phone. When the mobile device is in range, a wireless communication protocol links the terminal and the phone, which exchange information and conduct a secure transaction.All of this occurs in fractions of a second.<h2>Near-Field Communication (NFC) Payment Technology</h2>Near-field communication, or NFC, technology works by bringing together two electronic devices, typically a mobile device such as a smartphone and a reader of some kind. NFC tech always involves one initiator that generates an RF field to power a passive target. In terms of payments technology, the reader would be the initiator and the smartphone (which contains the stored credit card information) would be the target. The market potential for NFC payment technology is enormous, as merchants have actually been inadvertently rallying behind this type of contactless payment tech.Some of the most popular NFC payment apps include: <ul><li>Google Pay</li><li>Apple Pay</li><li>Samsung Pay</li><li>Square Wallet</li></ul><h2>Bluetooth Payment Technology</h2>Bluetooth is a bit of a wild card in the payments industry. Mobile payments technology focuses quite a bit on NFC, and with good reason. But Bluetooth could be the true transformer in this area.All the major mobile platform developers, such as Apple, Google, and Microsoft have supported Bluetooth for the last several years, but they shifted focus to NFC in the payments world as they released their mobile wallets (Apple Pay, Samsung Pay, etc.).Bluetooth, however, could change the game. Mobile payments such as Apple Pay have been slow to catch on in certain areas, but Bluetooth likely would not have such problems, especially because it has some inherent advantages.For starters, Bluetooth has a much longer range than NFC, as it can reach up to 50 meters compared to NFC's need to have the two devices centimeters away from each other. This longer range could reduce friction during the checkout process even more than NFC technology already does. On top of this, Bluetooth creates a truly hands-free experience because shoppers would not even need to take out their phones to tap them to a reader. Furthermore, Bluetooth payment processing is almost always faster than NFC, even if it's by fractions of a second. And finally, NFC is limited to one-to-one interaction, as in one mobile device and one payments reader. But Bluetooth can facilitate multiple transactions at once from a single payments terminal, which would further speed up the checkout process.<h2>More to Learn</h2>Mobile payments technology will evolve in numerous ways in the coming years, but this is just one piece of the much larger and more complex payments ecosystem. In the Payments Ecosystem research report, Business Insider Intelligence examines the payments ecosystem today, its growth drivers, and where the industry is headed.Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-payments-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-mobile-payments-technology-contactless-nfc&amp;vertical=paycom#!/">Purchase &amp; Download Now</a></li><li>Sign up for Payments &amp; Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-mobile-payments-technology-contactless-nfc">Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-mobile-payments-technology-contactless-nfc">Check If You Have Enterprise Access</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-payments-ecosystem-the-biggest-shifts-and-trends-driving-short-and-long-term-growth-and-shaping-the-future-of-the-industry-2019-11">here.</a></li></ol>

Mobile payments technology, like contactless NFC payments, explained

<ul class="summary-list"><li>The <keyword id="6355123" type="LOCATION" weightage="60" keywordseo="eu">EU</keyword> is considering forcing smartphone manufacturers to share information about their wireless payment technology, according to a report seen by Bloomberg.</li><li>The proposed laws wouldn't specifically target <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>, but the report mentions an ongoing antitrust investigation into <keyword id="2510330" type="PERSON" weightage="60" keywordseo="Apple-Pay">Apple Pay</keyword>.</li><li>Apple Pay and other wireless payment services rely on Near Field Communication (<keyword id="6409450" type="ORGANIZATION" weightage="60" keywordseo="nfc">NFC</keyword>) technology.</li></ul>Apple may be forced to open up the technology that powers its Apple Pay <keyword id="2438417" type="PERSON" weightage="60" keywordseo="contactless-payment">contactless payment</keyword> service to other companies, according to an EU report obtained by <a href="https://www.bloomberg.com/news/articles/2020-09-17/apple-pay-tech-likely-to-be-open-to-rivals-in-rules-mulled-by-eu?utm_source=twitter&amp;utm_content=business&amp;cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_medium=socialtm_medium=social">Bloomberg</a>.The report is due to be put forward next week, and proposes new laws which would stop smartphone manufacturers from concealing information about wireless payment technology in both smartphones and wearable devices.The upshot is that banks and other providers would be able to offer contactless payment services via their own apps using payment tech currently inside smartphones.The report doesn't specifically mention Apple by name according to Bloomberg, but appears to reference an <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1075">antitrust investigation launched</a> into Apple Pay in June."In parallel with its ongoing and future competition enforcement, the Commission will examine whether it is appropriate to propose legislation aimed at securing a right of access under fair, reasonable and non-discriminatory conditions, to technical infrastructures considered necessary to support the provision of payment services," the report says.Apple Pay — like other wireless payment systems in phones and contactless credit cards — uses Near Field Communication (NFC) technology, which relies on a tiny chip inside the phone.Apple has argued in the past that allowing other payment systems to access this chip could increase the risk of fraud, as it would separate the chip from Apple's security software.When the European Commission opened its investigation into Apple Pay in June, the watchdog voiced two concerns around Apple Pay.The first is that the terms and conditions Apple imposes on merchants wanting to use Apple Pay to take payments may "distort competition and reduce choice and innovation."The second concern is the fact that iOS devices are only allowed to use Apple Pay and no other wireless payment systems. It's also investigating allegations that Apple restricted access to Apple Pay for specific products belonging to rivals.Neither the European Commission nor Apple were immediately available for comment when contacted by Business Insider. A spokesman for the European Commission declined to comment when contacted by Bloomberg.

Apple may be forced to open up the tech that powers Apple Pay to banks and other competitors

<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

The payment industry in India has evolved dramatically through the past couple of years. Driving this change has been the interface between technologies, policy and user driven product development. Disruption has been at the core of this change. India’s growth story in <a href="http://www.businessinsider.in/searchresult.cms?query=payments+technology+&amp;sortorder=effectivedate">payments technology </a>has been further catalyzed by disruptive offerings pioneered to engage an ever evolving consumer demographic. 
 
Set to be the youngest country in the world by 2020, India is home to a majority of consumers who are willing to take the leap into <a href="http://www.businessinsider.in/searchresult.cms?query=digital+payments.+&amp;sortorder=effectivedate">digital payments. </a>This churn has led to a massive transformation from traditional currency to non-cash instruments paving way to digital payments. A key accelerator of this transformation is the penetration of smartphones. 
 
The opportunity for India really lies in the fact that it is the second largest active smartphone users market in the world, despite low penetration rates. The adoption of smartphones is estimated to grow to 520 million by 20201. An added impetus is the rapidly expanding 3G and <a href="http://www.businessinsider.in/searchresult.cms?query=4G+internet+network+&amp;sortorder=effectivedate">4G internet network </a>in to the hinterland. 
 
The government has initiated the process of making digitization an intrinsic part of the India growth story. Under the ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Digital+India%E2%80%99+initiative&amp;sortorder=effectivedate">Digital India’ initiative</a>, 90 percent of mobile devices in the country are expected to be internet-enabled by 2017. The change has started to reflect in urban India. Digital transactions are said to have shown a growth of 50 percent Y-o-Y, followed by ATM transactions growing at 15 percent and branch transactions at 7 percent growth. While urban India naturally adapts itself to newer technologies, development of the internet infrastructure will drive rural India to follow a similar pattern. 
 
Traditionally, an empty pocket with no cash has been associated with a lack of financial security. However, technology continues to challenge tradition. Economies across the world have gradually realized that cash comes at a cost of printing, managing and moving it, besides being a key driver of a financial system that is unaccounted for. Alarmingly, India’s cash-to-gross domestic product proportion at 12 percent is higher than many other economies. There is an urgent need to acknowledge that the primary competition for any payment technology in India comes from cash and not from other peers and contemporaries. 
 There has not been a better time before in the nation for payments, especially with the regulatory bodies cognizant of the need to improve the payment system network in India. RBI’s breakthrough Vision-2018 document focuses on responsive regulation, robust infrastructure, effective supervision and customer-centricity, thus acting as an enabler for the payment transformation. The Unified Payment Interface (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>) has gone live and so have the incentives for digital transactions, tax deductions for cash transactions exceeding 2 lakh rupees and real time payment transfer using <keyword id="155319" type="COMPANY" weightage="20" keywordseo="Aadhar">Aadhar</keyword> enabled payment systems. 
 A key characteristic of the payment industry has been its ability to constantly innovate. The increasing adoption of technologies like Near Field Communication (<keyword id="6409450" type="ORGANIZATION" weightage="20" keywordseo="NFC">NFC</keyword>) enabled smartphones that allow real-time, one-touch payments, cloud-based PoS, peer-to-peer transfers, virtual currencies like bitcoins enabling higher transaction speed and efficiency are creating a shift in the mindscape of consumers, proving a lucrative model for all players in the system. 
 
What next? 
 
In a bid to enhance customer acquisition, wallet companies offer high-volume discounts and offers, thereby escalating customer expectations. Although the ecosystem is currently perceived to be in favour of customers, the discounting and cash–back led model might not be as sustainable as it is envisioned to be. A sustainable value proposition that any payments technology provider can offer the consumer should essentially be in the form of covering risk. 
 
There is an urgent need for financial technologies to back their core competencies and enable a secure and risk-free environment to create a loyal customer base. Most payment interfaces currently are responsible for processing payments. The next level of evolution will be driven by ensuring the safety of buyers and sellers through various systems that protect their interests beyond just the transaction. 
 
Enhancing user experience 
 
Risk mitigation mechanisms in India currently also rely on the consumer to ensure the safety of transactions. With a considerable number of purchases being made on the mobile phone, customer authentication techniques require them to switch between screens. Most instances of cart abandonment take place at this cumbersome stage of switching between two screens. This gap is currently the greatest opportunity for payment companies. To leverage it, companies would do well to redefine their operational models that stand for strong risk management capabilities in the backend. And in the process, ensure security of the customer’s money while facilitating a flawless checkout experience. 
 
In a nutshell 
 
India is slowly transcending from using technology to living it. The demographic dividend that India offers is immense – what makes this phase a winning spree is the happy coincidence of the inflexion points of the payment industry and the country’s young populace. While it may be a matter of time before digital payments landscape is more democratized than it is, the rate at which consumers are adopting the concept is encouraging. It is now over to us to make the game better than it was yesterday. 
 
(This article is authored by Anupam Pahuja, Managing Director and Country Manager, PayPal India)

Digital payments: The inflexion point and the curve ahead

Near-Field Communication (NFC) is a set of protocols that allows two devices placed within a few centimeters of each other to exchange data. For this, both devices must be equipped with a NFC chip. 
 
There are two ways in which NFC works. One is two-way communication involving two devices that can read and write to each other, for instance, two Android phones touching each other to transfer photos or contacts. The other is one-way communication, where a powered device such as a smartphone reads and writes to an NFC chip. 
 
Presently, NFC is being used in many ways, including: 
 
<ol>
	<li>
		NFC business cards that contain an NFC tag inside. You can tap it with an NFC mobile phone to link to online content.</li>
</ol>
 
<ol>
	<li value="2">
		NFC lock doors can be operated with the tap of a smartphone, and allow homeowners to control access, send keys to others, and receive notifications when someone uses the lock.</li>
</ol>
 
<ol>
	<li value="3">
		Libraries use NFC sticker tags to create 'smart' books. For instance, to make it easy to access book reviews, the tags can be placed on a book's cover and program so that it links to a reviews page, and helps users understand if that's the book they want.</li>
</ol>
 
<ol>
	<li value="4">
		NFC mobile payment, which works like any other contactless card payment. Apple Pay is a good example; NFC-equipped iPhone or Apple Watch stores encrypted details of the user's debit or credit card information. When you tap your iPhone on a retailer's reader, your identity is confirmed via PIN or Touch ID sensor, and payment is made automatically.</li>
</ol>
 
Mahindra Comviva's mobiquity® Wallet is one of the first wallets to use NFC, QR code, biometrics and Bluetooth low energy (BLE) to simplify payments and facilitate mobile commerce. It works off the cloud-based Host Card Emulation (HCE) technology, which emulates a payment card on mobile devices using only software. Google's support for HCE in the KitKat OS jump-started the new technology, with Visa and MasterCard in the process of rolling out HCE-based projects in some countries. 
 
HCE vs SE 
 HCE is the alternative to Secure Element (SE), which works like a smart card in a phone protected against tampering by a restricted access interface and strong encryption. In SE <keyword id="715987" type="UNKNOWN" weightage="20" keywordseo="NFC-payments">NFC payments</keyword>, the payment app holding the payment credentials are stored in a tamper-proof hardware model called the Secure Element, which has a direct connection with the NFC controller. This is also the SIM SE owned by the mobile operator, indicating the operator 's role in provisioning the payment app. Before Android 4.4 KitKat, SE was the only available solution to emulate card payment on an Android device. 
 
Host Card Emulation presents a short-cut for mobile NFC payments. Banks can use it to launch mobile NFC products without requiring the use of the Secure Element or SIM. Instead, the mobile device operating system can communicate directly over the NFC interface in card emulation mode. Banks have the flexibility to provide NFC products without cooperation from mobile operators, and can hence eliminate complexity and save costs. 
 
What are the advantages of breaking the dependency on SE? 
 
The opportunities presented by HCE are not limited to mobile payments, but also extend to other applications, including card access, transit passes and loyalty programs. There are three distinct benefits of breaking the dependency on SE : 
 
ñ A more open system with a lesser reliance on carriers, issuers and trusted service managers 
ñ There is no longer a need for complex SE cards provisioning 
ñ It offers the ability to use multiple NFC wallets on the same device without SE storage size or compartmentalization worries 
 
HCE supports NFC without the requirement for any infrastructure change; it can easily work with a current, NFC-enabled POS terminal device. This is beneficial for merchants with already established POS systems. They don't have to invest in pricey hardware to accept payments via emulated cards. 
 
But is HCE more secure than SE? 
 
As a physical secure element is not involved in HCE, there are some misgivings about the security offered by this technology. However, this is more a matter of perspective. In HCE, card data is not stored in the SE; rather, tokens are downloaded to the device and used to complete point-of-sale transactions. In the event of a security breach, only a limited amount of tokens of low transaction value would be exposed, and not the account itself. This can be viewed as a good balance of risk and reward. As the value of the token is very low, there is no requirement for the highest level of security. 
 
It doesn't of course mean that security can be discounted. The risk posed by a lack of hardware security can be addressed by incorporating additional security layers, such as white box cryptography and securing the communication channels between the device and server. 
 
HCE can simplify the business model, drive up processing speed and power, deliver greater storage capacity, and provide more control over projects. 
 
(The article is authored by Srinivas Nidugondi, Senior VP &amp; Head of Mobile Financial Solutions, Mahindra Comviva) 
 
(Image: Thinkstock)

Making online payments using NFC is safe, here's how

<keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay <keyword id="6355645" type="UNKNOWN" weightage="20" keywordseo="Android">Android</keyword> users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. "We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times, and expand merchant transactions both online and offline," said Sajith Sivanandan, Business Head: Google Pay and NBU-India. The feature also works with online merchants, delivering more native and seamless OTP experiences without any redirects to 3D Secure sites. With tokenisation, Google Pay will enable NFC-capable Android devices to make contactless payments at over 2.5 million Visa merchant locations. It will allow users to scan and pay at more than 1.5 million Bharat QR enabled merchants and the customers can pay bills and recharges from within their Google Pay app using their card. "Visa recently crossed over 1 billion token credentials globally and with Google Pay live in India, we expect these numbers to rise significantly. We are excited to partner with Google to further accelerate digital payment innovations in times to come for the Indian market and beyond," said TR Ramachandran, Group Country Manager, Visa, India &amp; South Asia. To enable the tap and pay feature using the smartphone phone, users will have to do a one-time set up by entering their card details and follow it by entering the OTP they get from the bank to add their card to the Google Pay app. After the registration, the feature can be used to make payments at NFC-enabled terminals, the company said. "We are already live for Axis and SBI Card holders with Visa payments network and are working closely with Kotak and other banking partners to further expand the adoption of card-based payments with tokenisation in India," Sivanandan added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

Google Pay partners with Visa bringing tap-to-pay for Indian users

Recently, connected <keyword id="18974" type="UNKNOWN" weightage="100" keywordseo="fitness">fitness</keyword> wearables leader, <a href="http://www.businessinsider.in/searchresult.cms?query=Fitbit&amp;sortorder=effectivedate">Fitbit</a> announced that they had acquired Coin, a <a href="http://www.businessinsider.in/searchresult.cms?query=Silicon+Valley&amp;sortorder=effectivedate">Silicon Valley</a>-based consumer electronics and financial technology firm. <keyword id="6486191" type="UNKNOWN" weightage="100" keywordseo="Fitbit">Fitbit</keyword>’s interest in Coin stems not from the latter’s signature technology but from a desire to jumpstart the creation of an <keyword id="2653452" type="UNKNOWN" weightage="20" keywordseo="nfc-payment">NFC payment</keyword> solution for embedding into their fitness devices of the future. 
 For someone not in the thick of the technology business, this deal might sound like a peculiar alliance. For those in it, however, it’s a marriage made in IoT (<keyword id="970768" type="UNKNOWN" weightage="100" keywordseo="internet-of-things">Internet of Things</keyword>) heaven. 
 
As more and more devices – an oft-quoted estimate says 50 billion by 2020 – connect with each other in the Internet of Things, the lines between various activities of daily life will start to melt away. Without doubt, the way we buy or pay for things will change even more than it already has, as banking integrates deeper into our routines. 
 
This is exactly what Fitbit hopes to leverage by acquiring Coin. In the words of James Park, CEO, “The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people's lives.” 
 
In my view, that is the logical way forward for most businesses. Wearable fitness trackers are facing stiff competition from other devices, such as smartwatches, which are in fact much more versatile. For fitness trackers to hold their own against the likes of an Apple Watch, they need to expand their utility. Integrating financial capability into their device enables firms such as Fitibit do exactly that. For instance, by embedding NFC payment technology into their trackers and smart watch, Fitbit would make life more convenient for early morning joggers who would no longer need to carry their wallet to pay for that orange juice or energy drink. 
 
This is not to suggest that wearables, or any other device for that matter, will displace traditional payment mechanisms anytime soon. However, device manufacturers must seize the opportunity of context – namely situations where consumers would find it more convenient or opportune to use their device, than cash or card – with both hands. 
 
That’s a thought most technologically advanced industries are thinking. When driverless cars become a reality, they will need some automatic mechanism to pay for their energy. So it should come as no surprise if automobile companies were to enhance the capabilities of their already smart dashboards with a payment mechanism sometime soon. Even the humble business of grocery retailing is latching on to the opportunity of context. Two years ago, Amazon introduced Amazon Dash, a service that made it even easier for consumers to order supplies online. One of its components is the Amazon Dash Button, a small electronic device that is linked to a product that is ordered frequently – detergent, for example. Customers can configure the button by specifying product and order quantity, and place it near the point of consumption (washing machine, in case of detergent). When a product is running out, a simple press of the button will send a replenishment order to Amazon. 
 
In the Internet of Things, virtually every device with an iota of smart capability will have an opportunity to insert itself into this new value chain. The key to doing that is to be open enough so that it automatically becomes the primary device of value exchange in its particular context. Ensuring low cost of usage along with high quality of experience is equally important. 
 
And what of security, one might ask. Contrary to their image of vulnerability, wearable devices are actually showing potential for user verification. For instance, Royal Bank of Canada is using a heart rate monitoring wristband to authenticate contactless payments. This is just one of the many examples on how banks are creatively integrating wearables in their omnichannel service delivery strategy. Many banks are leveraging the consumer interest in wearables to create smart marketing campaigns. For instance, Emirates NBD, the largest bank in the UAE, introduced a fitness based savings account for Apple Watch users. Account holders are rewarded with higher interest rates based on the steps one takes during the day. This trend will only pave the way for further integration of financial activities into “non-financial” settings. 
 
In fact, in a large client forum at my organization (Infosys Finacle) earlier this month, we presented couple of our latest innovations around wearable devices. We talked about multiple ways wherein consumers can use their voice to authenticate themselves through a smart watch, while also performing various banking activities through the watch itself. Think of times, when you are cooking, or driving to work and you suddenly remember that your credit-card bill is due today. Worried about forgetting to do so after completing the activity, one may like to trigger the activity immediately through the smart watch. Those are the moments when wearable can complement existing channels to make banking simple, safer and faster. 
 
(Image Credits: Thinkstock) 
 
(About the Author: This article is contributed by Puneet Chhahira, Global Head of Marketing, Infosys Finacle at EdgeVerve)

When Fitness Meets Finance

<ul class="teaser-list"><li>Treasury looks set to grant itself new powers in a bid to tackle <keyword id="6354427" type="General" weightage="20" keywordseo="Apple" source="Orion">Apple</keyword> and <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword>’s growing control of Australia’s payments infrastructure.</li><li>Josh Frydenberg has flagged a new campaign to take control of the payments system and force <keyword id="15935" type="General" weightage="20" keywordseo="tech-companies" source="Orion">tech companies</keyword> to comply with greater regulation.</li><li>“Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure,” Frydenberg told the AFR.</li></ul> The Australian government looks set to open up a new front on which to fight big tech companies, turning its gaze to how Silicon Valley handles billions of dollars worth of transactions each and every day. Treasurer Josh Frydenberg is seeking new powers that would allow Canberra to dictate terms to companies like Apple and Google over how they operate their mobile wallets and how they cooperate with local financial institutions, according to <a href="https://www.afr.com/companies/financial-services/treasurer-to-force-apple-into-line-20210829-p58mui">The Australian Financial Review (AFR)</a>. The move would help consolidate power over payments in Canberra, effectively wresting control from the Reserve Bank of Australia (RBA). It would enable Treasury to create new rules and force tech companies to comply with them. “Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure,” Frydenberg told the AFR. It comes as policymakers increasingly scrutinise the outsized influence of tech platforms in Australia which are often subject to different regulations. The campaign is spearheaded by a parliamentary commission into ‘Mobile payment and digital wallet financial services’. Late last month, CBA boss Matt Comyn told the Committee that it was “cause for concern” that Apple controlled 80% of the digital wallet payments market, calling for greater local regulation of the $US2 trillion company. At the heart of the feud is the near-field communication (NFC) chip in Apple phones, the technology that enables iPhone users to ‘tap and go’. Without access to the chip, banks are forced to pay a fee to Apple every time a mobile payment is made via the iPhone’s mobile wallet. As mobile payments represent <a href="https://www.businessinsider.com.au/australia-debit-cards-apple-pay-afterpay-payments-retail-2019-11">a growing piece of the payments market</a>, it is an arrangement that has frustrated banking incumbents. Apple has <a href="https://www.smh.com.au/business/banking-and-finance/misleading-apple-hits-back-at-cba-s-matt-comyn-in-payments-stoush-20210827-p58mh5.html">fired back</a>, claiming in a Committee submission that Comyn’s comments deliberately mischaracterise Apple’s business in a bid to squeeze out competitors. “Central to some banks’ advocacy for open access to NFC is the pursuit of an anti-competitive model that’s detrimental to the customer experience, and an opposition to fair and reasonable fees,” it wrote. Similarly Google wields significant influence in the payments sector via its own eponymous wallet. Further reform will be guided by <a href="https://www.afr.com/companies/financial-services/treasury-scrutiny-on-payments-regulation-welcomed-by-disrupters-20201127-p56ifw">the Payments System Review</a>, which has made 15 recommendations currently being assessed by the Morrison government. Significantly, the Review did not pull any punches when it came to criticising the RBA and other regulators’ lack of intervention in the market, including its hands-off approach to the buy now, pay later (BNPL) space. The conclusions open the doors for a more proactive approach, with Canberra apparently thinking it is best placed to spearhead such an effort. It follows a range of recent battles to curtail the influence of Silicon Valley. The <a href="https://www.businessinsider.com.au/facebook-news-media-bargaining-code-news-ban-2021-3">media bargaining code</a> was finalised earlier this year in an attempt to redistribute power within the local media landscape. Home Affairs meanwhile has warned Google and Amazon need to ensure they aren’t helping finance dangerous extremists. The Parliamentary Committee into Mobile Wallets will continue with its public hearings on Thursday when the Council of Small Business Organisations Australia (COSBOA) is due to appear. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ipo-bound-vijaya-diagnostics-is-planning-more-acquisitions-in-east-india/articleshow/85755911.cms">IPO-bound Vijaya Diagnostics is planning more acquisitions in east India to expand business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/19-year-old-avani-lekhara-becomes-the-first-indian-woman-to-win-gold-at-paralympics/articleshow/85756086.cms">19-year old Avani Lekhara becomes the first Indian woman to win gold at Paralympics</a>

The federal government wants to take on Apple and Google’s increasing dominance of Australia’s payments system. Here’s why.

<ul class="summary-list"><li>Before you can use <keyword id="6355645" type="UNKNOWN" weightage="60" keywordseo="Android">Android</keyword> Beam on your phone, you'll need to enable the feature in your settings menu.</li><li>Once it's enabled, you can use Android Beam by simply holding your phone against another phone that has Beam enabled.</li><li>Android Beam works using near-field communication (<keyword id="6409450" type="ORGANIZATION" weightage="60" keywordseo="nfc">NFC</keyword>) chips, which can send data over short distances.</li><li>Not all Android devices have Android Beam built-in.</li></ul>These days most smartphones, including <a href="https://www.businessinsider.com/category/android">Androids</a>, are equipped with near-field communication technology, known as NFC.The tech itself is pretty cool — it's like having an antenna in your phone that can help securely verify and send data.<a href="https://www.businessinsider.com/category/android">Android's</a> proprietary NFC software, called Beam, can be used as a secure way to make payments or transfer data between Android phones. However, be aware that not all <a href="https://www.businessinsider.com/category/android">Android</a> devices can use Beam.Here how to check if your phone can use Beam, and how to enable and use it.<h3>Check out the products mentioned in this article:</h3><h4><a href="https://www.walmart.com/ip/Samsung-Galaxy-S10-G973-128GB-Unlocked-GSM-LTE-Phone-with-Triple-12MP-12MP-16MP-Rear-Camera-Prism-Black/104597743" target="_blank" rel="nofollow noopener nofollow nofollow nofollow sponsored">Samsung Galaxy S10 (From $699.99 at Walmart)</a></h4><h2>How to enable Android Beam</h2>1. On your Android's home screen, swipe down from the top of the screen to open the main options menu.<div type="image" title="1 How to use Android beam" height="2340" width="1080" msid="76292521" hostid="261"></div>2. Tap the gear icon in the bottom-right of the menu. This will open your phone's Settings app.<div type="image" title="2 How to use Android beam" height="2340" width="1080" msid="76292523" hostid="261"></div>3. Open the "Connected devices" tab.4. Tap "Connection preferences."5. Near the top, you'll see "NFC." Toggle the slider so that it goes from gray to green.<div type="image" title="5 How to use Android beam" height="2340" width="1080" msid="76292525" hostid="261"></div>6. Only when NFC is toggled on will you be allowed to enable Android Beam. Double-check that it is by tapping the Android Beam tab, and toggle the slider to "On" if it isn't already.<div type="image" title="6 How to use Android beam" height="2340" width="1080" msid="76292527" hostid="261"></div><h2>How to use Android Beam to send content to another Android</h2>1. Make sure both Androids are unlocked, and have Android Beam enabled. Open the content you want to send.2. Physically touch the phones to each other. You may need to place them back-to-back.<div type="image" title="10_ _how_to_use_android_beam" height="2700" width="2250" msid="76292529" hostid="261"></div>3. The content you want to beam will shrink to a smaller window, and you'll see the message "Tap to Beam." Tap the screen.And just like that, the content will be zipped over to the other Android. <h2 id="related-coverage-from-how-to-do-everything:-tech:">Related coverage from <a href="https://www.businessinsider.com/tech-reference">Tech Reference</a>:</h2><ul><li><h3><a href="https://www.businessinsider.com/what-is-gboard">'What is Gboard?': Google's smart keyboard for phones and tablets, explained</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-delete-email-account-on-android">How to delete an email account on your Android device in 6 simple steps</a></h3></li><li><h3><a href="https://www.businessinsider.com/why-wont-my-android-phone-connect-to-wifi">'Why won't my Android phone connect to Wi-Fi?': How to troubleshoot an Android that won't connect to the internet</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-reset-network-settings-on-android">How to reset your network settings on an Android to fix connection issues and speed up your internet</a></h3></li><li><h3><a href="https://www.businessinsider.com/what-is-wifi-calling">'What is Wi-Fi calling?': How to make calls from your smartphone even if you don't have a cell signal</a></h3></li></ul>

How to use Android Beam, a feature that lets you send content by holding phones close together

<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

Mobile payments were supposed to become epitome of transactions by now with online medium being the other logical and convenient option. So where have things gone wrong? Or should we assume that all the talk about mobile payments becoming mainstream was premature and it will take couple of years for the technology to become truly accessible. 
 
Apple plunged in the payment sphere with Apple Pay (again confined to Apple devices) but that’s still remaining loyal to US market for now <a href="http://www.in.techradar.com/news/software/applications/Apple-Pay-isnt-far-away-from-swiping-its-way-to-India/articleshow/45613686.cms">with possibility of reaching India by end of 2015.</a> Google made its claim to become pioneers of the payment market with Wallet but that’s come to naught up until now. 
 
So what does Google have in mind to redeem itself in this space? Well, their answer seems to revolve around the idea that ‘buying your way to stardom’ and this is where the search-engine giant is reportedly said to be eyeing Softcard to ease make decisive moves in this arena. 
 
In most cases, Google has managed to hit the right notes but as is the case with Google Glass (not that successful), the company has its own share of failures and Wallet forms part of the dubious list. With Softcard, Google is looking to become efficient with the technology per say and giving them right armour to fight it out with rival payment companies. 
 
Softcard is already available on Android and the features are reminiscent to the ones offered by Apple Pay. If Google manages to poach Softcard then millions of Android users become prospective Softcard users for the search major, thereby opening up a whole new revenue stream for them on global map. 
 
Companies like iKaaz have made their move in India with similar payment services but keeping the country’s resources in mind, they’ve even utilized on the mobile features like SMS for making payments. 
 
But coming back to Google’s alleged interest in Softcard, they could easily integrate the latter’s technology onto their existing model and from there on make use of their extensive consumer and client base. 
 
Having said that, there is still time for companies to make a serious move in this space. According to latest Forrester Research reports, consumers will be buying $142 billion goods via their mobile devices and that’s been pegged to happen by 2019. Interestingly, this number stands at $52 billion, almost $100 billion opportunity for the likes of Google to make ground on, in the coming years. 
 
Image: marketingland.com

Here’s why buying Softcard would make sense for Google?

<ul class="summary-list"><li>You can use <keyword id="2750705" type="PERSON" weightage="60" keywordseo="Google-Pay">Google Pay</keyword> in stores to make purchases just using your <keyword id="6355645" type="UNKNOWN" weightage="60" keywordseo="Android">Android</keyword> phone.</li><li>If you've set up <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword> Pay and the NFC feature on your Android is turned on, just hold your phone over the store's card reader.</li><li>In addition to in-store purchases, you can use Google Pay to make purchases online, or send money to friends or family. </li></ul>Similar to Apple Pay on iOS devices, you can easily make a payment using <a href="https://www.businessinsider.com/category/google-pay" target="_blank" rel="noopener">Google Pay</a> in the physical stores by holding your Android phone near a compatible payment terminal.Once you do so, the transaction happens more or less automatically. The process is incredibly convenient.Here's how to make sure that Google Pay is set up for in-store purchases, and how to actually make that purchase. Just note that although Google Pay is available on iPhones, you can only use it for in-store purchases on an Android.<h2>How to enable in-store purchases in Google Pay</h2>Before anything, you should <a href="https://www.businessinsider.com/how-to-set-up-google-pay" target="_blank" rel="noopener">make sure that you've installed the Google Pay app on your Android, and added at least one payment method</a>.Once you have the app set up, all you need to do is enable NFC — or "near-field communications" — on your phone. This is what lets it connect to credit card readers in stores.1. Open the Settings app and tap "Connections," or "Connection preferences," depending on your device.2. Make sure that "NFC and payment" is turned on by swiping the button to the right. 3. You'll also have to make sure that Google Pay is set as the default payment method on your phone. On some Androids, this option will be located in the "Connection preferences" section. On the "Connection preferences" page, tap "<keyword id="2510649" type="PERSON" weightage="60" keywordseo="contactless-payments">Contactless payments</keyword>" under "NFC."<div type="image" title="googlepay2" height="800" width="1527" msid="79052128" hostid="261"></div>4. Then, select the option for "Payment default: Google Pay."<div type="image" title="googlepay4" height="800" width="1744" msid="79052130" hostid="261"></div>On other Android phones, the default payment option may be located in the "Apps &amp; Notifications" section of your Settings app. Open the Settings app, tap "Apps &amp; Notifications," and select "Default apps." Then tap "Tap &amp; Pay." Lastly, set Google Pay as the default app. <h2>How to use Google Pay in a store</h2>When it's time to pay with your card or contactless payment, you should:1. Unlock your phone, but you don't need to open the Google Pay app. 2. Position the back of your phone close to the payment terminal for a few seconds. You might need to experiment a bit, since different terminals put the NFC antenna in different locations, but this will get easier with time as you learn what position works for the payment terminals you commonly use. If the terminal has a wireless or contactless payment symbol on it, try putting the phone near that logo. <div type="image" title="shutterstock_1483224065" height="3281" width="4375" msid="79052132" hostid="261"></div>3. The Google Pay app should launch automatically, and you may be required to enter your PIN or use the fingerprint reader. 4. After a moment, you should see a check mark appear, indicating that the purchase is complete. If Google Pay doesn't start, try repositioning the phone until it does. You might also want to confirm with the cashier that the terminal actually does support Google Pay — some older terminals don't have contactless payments.But also keep in mind that just because you don't see a contactless or wireless logo, it doesn't mean the terminal won't support Google Pay. <h2>How to use Google Pay in online stores</h2>When you're shopping online using your Android phone, you may notice Google Pay as a payment option. If that's the case. here's how to use it.2. Press the Google Pay payment option.<div type="image" title="googpay5" height="836" width="826" msid="79052134" hostid="261"></div>3. Follow the prompts when you're ready to checkout.You can also easily send money to others using the Google Pay mobile app. For more information, check out our article, "<a href="https://www.businessinsider.com/how-to-send-money-through-google-pay" target="_blank" rel="noopener">How to send money through Google Pay using your iPhone or Android</a>."<h2>Related coverage from <a href="https://www.businessinsider.com/tech-reference" target="_blank" rel="noopener">Tech Reference</a>:</h2><ul><li><h3><a href="https://www.businessinsider.com/how-to-set-up-google-pay" target="_blank" rel="noopener">How to set up and use Google Pay on your Android phone to make contactless payments at thousands of stores</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-delete-google-pay-account" target="_blank" rel="noopener">How to delete your Google Pay account in 5 simple steps</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-add-boarding-pass-to-google-pay" target="_blank" rel="noopener">How to add a boarding pass to your Google Pay app</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-add-paypal-to-google-pay" target="_blank" rel="noopener">How to link your PayPal account to your Google Pay account on an iPhone or Android</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-send-money-through-google-pay" target="_blank" rel="noopener">How to send money through Google Pay using your iPhone or Android</a></h3></li></ul>

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