Speaking on the closing day of the week AzadiKaAmritMahotsav Organized by the Ministry of Electronics and IT, Vaishnav said the firms have devices like Aadhaar, UPI, mobile, DigiLocker etc., and they should come up with proof of concepts in the next three months.
“You (bankers) have a very good ecosystem of Aadhaar, DigiLocker and UPI to take up the challenge today. Work on the challenge for the next three months, come back and I will work with you all day to see the concepts you bring,” he said.
India has taken a leading role globally when it comes to creating digital payment solutions and they proved to be very helpful especially during the 18 months of the pandemic as the government was able to transfer the benefits directly to the people of the country.
“India’s performance in digital payments is the envy of countries around the world who, years ago, thought they were at the fore in technology and innovation,” he said.
In addition to several co-branded RuPay cards with banks such as Kotak, Yes Bank and Punjab National Bank, the National Payments Council of India also launched its RuPay-on-the-Go platform, which provides payment solutions through wearables such as smartwatches. It does and has a purpose. On redefining contactless payments.
The RuPay-on-the-Go solution was launched by Bank of Baroda and City Union Bank on Sunday and more merchants are likely to come on board in the coming future. India Post Payments Bank, Punjab National Bank, Kotak Bank, Yes Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Bank of Maharashtra and City Union Bank also launched contactless credit cards on the RuPay network.
With a view to empower small merchants, Union Bank announced an Android-based SOFTPOS mobile app for Point of Sales which is expected to further accelerate the adoption of digital payments in the country.