Google Pay has been developing payment methods in its application. It started with a UPI (Integrated Payment Identifier). It then allowed users to add their credit cards to the app. It will soon launch a payment using NFC (nearby field communication).
NFC allows connection payment when the user does not need to swipe the card. The user needs to keep the NFC-enabled device close to the card machine (Point of Sale terminal) and authorize the transaction.
The buzz that Google Pay will soon launch for NFC started after the Android Police website wrote about a company that added a support page that explained how it would work. (bit.ly/3ePPqrF).
According to the support page, when the user will tap the phone at the payment center, the Google Pay app will open automatically. User will need to tap “Continue” to confirm payment. Currently, only Pine Lab terminals support NFC option.
NFC-enabled transactions are accurate and easy. Many fintech companies operate on NFC payments as it allows transactions offline. Take the example of Jaipur-based Natural Support Consultancy Services Pvt. Ltd. The company has participated in the Reserve Bank of India (RBI) control box to test new technologies.
The company has started testing a product called eRupaya, which is a prepaid card for NFC and Point of Sale (PoS). The company has sued Punjab National Bank for it. Focus focus on digital retailer and offline digital payments in remote locations.
In March, even Axis Bank introduced a range of devices that allow its customers to make online payments without using NFC. It has provided a hand strap, a key, and a small tool, called a loop, that users can match with a watch strap. All devices are connected to customers’ bank accounts.
Currently, a user can make up to NFC transactions up to ₹ 5,000 without entering a PIN. For more than this limit, users will need to verify payments using their PINs