back Back

NPCI partners with YES BANK, Neokred and Seshaasai to launch ‘RuPay On-the-Go’

By Leandra Monteiro

September 29, 2021

  • Contactless Payments
  • FinTech
  • India
Share

NPCINational Payments Corporation of India (NPCI) has partnered with YES BANK to launch the RuPay On-the-Go contactless payments solutions, in association with FinTech infrastructure partner-Neokred and manufacturing partner- Seshaasai.

Launched at the Global Fintech Festival 2021, RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. This innovative wearable payment solution would redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple “Tap, pay, go” mechanism.

This offering will revolutionize contactless payments with a superior customer experience that is smart, fashionable, super quick, convenient, and completely secure. RuPay On-the-Go is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to INR 5000 without the need to input the PIN. For payments above INR 5000, customers need to tap, followed by their PIN. For Online transactions, the BHIM YES PAY app provides a virtual RuPay card to the customers that can be used for digital and e-commerce transactions.

Praveena Rai, COO, NPCI said, “We are delighted to associate with YES BANK, Neokred, and Seshaasai to launch the futuristic RuPay On-the-Go solutions which will enable seamless contactless payments for day-to-day use. The wearable tech space is an integral part of driving contactless payments, and we are working toward building a secure and inclusive payments ecosystem with our partners. With RuPay On-the-Go, we look forward to unleashing the full digital potential of our customers and accompany them in this fast-evolving payment ecosystem.”

Anita Pai, COO, YES BANK said, “YES BANK is pleased to partner with NPCI to introduce wearable tech for Indian customers. The RuPay On-the-Go smart accessories, such as keychains with tap-and-pay functionality, will enable customers to make digital payments securely, more easily and in style. As the volume of digital transactions continues its upward trend, tech solutions that allow people to make contactless payments – through smart objects that blend in with their style – will find favour with customers seeking a delightful experience.”

Tarun Nazare, Co-Founder and CEO, Neokred said, “This is just the beginning of democratising payments in India and we are proud to empower NPCI and YES BANK. Payments through wearables and accessories will open doors into a niche market and provide multiple payment modes to a diversified market.”

Pragnyat Lalwani, Director, Seshaasai said, “We are honored to be the Technology Solution Partner for this initiative by NPCI & YES BANK. We at Seshaasai are continually working towards bringing secure and contactless products for the future of payments and collaborating with like-minded organisations to bring about path-breaking solutions to the Indian consumer. Our Smart Payments infrastructure is strategically located at Mumbai in the west, Bengaluru in the south and Kolkata in the east in order to be able to serve our consumers better. The key chain and smart payment watch are some of our initial innovations and you can expect more in the near future.”

To avail this solution, customers can log on to BHIM YES PAY app, register themselves and apply for RuPay On-the-Go. Even the consumers without an existing YES BANK account can also avail these wearables.

Previous Article

September 29, 2021

Tribe Payments selected by Amon.Tech to power it’s cryptocurrency payments

Read More
Next Article

September 29, 2021

Hedvig raises $45m for European expansion in a Series B funding round

Read More







Advertise with us



IBSi Daily News Analysis

Web 3.0 in FinTech

May 20, 2022

Contactless Payments

Will Web 3.0 unlock the future potential of FinTech?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 20, 2022

Payments made easy in Latin America: Interview with Jairo Riveros, Managing Director for the Americas and Global Head of Strategy at Paysend Global

Read More

May 20, 2022

Stripe joins the Snowflake Retail Data Cloud to unlock the value of payment data

Read More

May 20, 2022

PayerMax announces its launch in MENA to accelerate digital payments

Read More

Related Reports

Sales League Table Report 2021

£ 1,500.00 / year

Know More
Emerging Technologies in Capital Markets

£ 500.00

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More