The age of using plastic cards and cash seems to be heading the way to extinction. Nowadays, writing cheques and standing in those long queues in the banks is also becoming passé. Digital payments and mobile wallets are changing the norms & face of the payment industry.
Everyone’s looking to go the easy way. Digital wallets have made life easy, convenient and instant. With so many players striving to grab their share of the digital payments industry, the new entrants are trying to break the clutter. How can it be done? It can be done via introducing new systems, processes & eradicating fluff in the payment process. The new-age startups and eCommerce companies have already identified with the need to incorporate hassle-free payment processes in their system. The digital payment market has already doubled up in the last two years. In terms of popularity, the digital wallets are second to none. The consumer preference has shifted from credit to debit & mobiles have made a huge impact on the industry. The huge proliferation of mobile phones has influenced hundreds of others to switch their allegiance to digital payments. As more money continues to pour into digital, the payment players are looking to tap the potential via introducing unexplored and new strategies into the system. That’s exactly where PayUBiz has placed the focus. With a vision of making digital payments even easier and hassle-free, the company has introduced a new technology in the market. Along with reducing the overall steps for transaction and eradicating multiple taps, the technology enables the users to complete transactions through a single tap. As simple as it sounds, the new technology has been named ‘One Tap’ & it seems to be an industry-changing innovation.
According to the PayUBiz officials, the new technology ensures that the users don’t need to go through multiple stages of a transaction. The users will not have to enter the debit card and credit card numbers along with the CVV code. However, the company might face some glitches in terms of the Reserve Bank of India norms. According to the RBI, all card transactions must go through 3 levels of authentication. These 3 steps include entering of the card number, card verification value, and a secure password. The company is also looking to get the innovative technology patented. The technology seems a bit similar to the single touch payment introduced by PayPal in the US. Since its implementation in August, the PayPal technology has been operational all across the United States & has been garnering rave reviews. PayU India has the backing of Naspers and is helmed by Nitin Gupta and Shailaz Nag. The company has recently made several significant additions to its hierarchy. The major appointments were made at the management level. Speaking about the launch of the new technology, Rahul Kothari, Business Head, PayUBiz said, “We are absolutely delighted to be the first to introduce One Tap technology. This is set to disrupt the way mobile payments are made in India. With this technology, eCommerce companies will be able to deliver absolute customer delight through faster and hassle free payments experience with just one tap. This is one in a series of innovations we are going to deliver that will change the way consumers make payments online. Consumers can presently experience this technology on apps such as PayUmoney and Twigly.” Here’s a quick glance at its features.