G20: The era of credit-debit cards is gone, this new device will be available from the bank..
Now you will not need credit or debit to make payment. Now payment will be done just by tapping on the POS machine. In fact, the era of plastic debit and credit cards is soon going to become obsolete. Soon these will become useless. Thanks to Indian innovation, you will no longer need to withdraw money from an ATM using a debit or credit card. You can easily make payments through key rings and watches or withdraw money from an ATM. The Innovation Unit of the Reserve Bank of India and NPCI are playing an important role in this work. At the same time, many such products will be displayed in the RBI Innovation Hub in Bharat Mandapam.
Foreign guests will see the power of RBI
Foreign guests will visit this Innovation Hub Center during the G-20 in Bharat Mandapam. In this, the Tap and Pay facility for payment was shown, which RBI has recently launched. Under this, users can easily make UPI payments up to Rs 500. For this, they will not have to scan any QR code from the mobile phone nor will they need to enter the PIN. You will be able to pay up to Rs 500 in a jiffy just by tapping your phone on the QR code machine or POS.
Banks will soon give such a ring
You will be able to pay the bill by touching your key ring or watch at the point of sale. The bank is providing such key rings to the customers. Smartwatch manufacturing companies are also going to launch watches equipped with this facility in the market, but this facility is only for RuPay cards.
This facility will be expanded by tying up with banks. According to the officials present at the exhibition, the biggest facility of RuPay cards is that they can be kept in digital form, whereas debit or credit cards issued by Visa or MasterCard cannot be kept in digital form yet.
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