“NPCI is also partnering with banks and government agencies in organising financial literacy events. Along with lucky draw schemes, recent initiative of organising ‘DigiDhan Mela’ at 100 different locations for next 100 days is a big step towards bringing people in banking ecosystem and encouraging them to opt for digital payments. We are confident that people will gradually develop confidence in payments infrastructure and start transacting digitally.
“NPCI’s payment solutions are robust and technology advanced. We follow high level of security and audits for smooth functioning of business. Our RuPay card payment network is PCI DSS certified (Payment Card Industry Data Security Standard) which helps in processing card payments securely. Other payment services are also equally secured and ensure safety. Customer facing payment mechanisms follow two factor authentication rule mandated by the Reserve Bank of India.”
Speaking on some of the additional services, Hota says, “National Electronic Toll Collection system is progressing in the pilot phase. Banks are issuing RFID card to customers for collecting toll fee digitally at plazas and we are happy to witness good number of transactions in this newly launched system. Our aim is to quickly go live and launch the project at National level by enabling all 350 toll plazas. I believe the future of payments will be more focused on mobile. Government is also planning to launch Aadhaar Pay solution which will authenticate the transactions through biometric and Aadhaar number. Such initiatives and innovation will pay big role in coming months and gradually our lessen dependency on cash.”
Mrinal Sinha, COO, MobiKwik, a mobile wallet and online payment system, explains how contact-less technology is transforming the way we travel/ commute, “This year mobile payments are going strong and it looks like they are set to gain widespread acceptance. Demonetisation has led to a massive shift in how Indians perceive payments. Before demonetization, wallets were an option and now they are a need. The entire industry has grown manifold in November and this unprecedented growth will continue. We have seen a massive 2000% jump in adoption from tier 2 & 3 cities; urban cities have obviously grown tremendously.
“Through MobiKwik, one can pay at toll plazas in 11 states. Within the next few weeks, we will cover pan India toll plazas. Toll payments with MobiKwik can be done within seconds. This saves time for both the commuter and the staff at the toll plaza. We have also partnered with IRCTC to power e-cash payments for tatkal, FoodonTrack and ticket booking to offer a much higher success rate than other modes of online payment at the platform.
“Demonetization has motivated masses in India to adopt digital payments. People at large, are interested in mobile payments and are making an effort in learning about mobile wallets and using them for their daily expenses.
“For us, security is not just a state; it’s a process which is applied in every new feature or new product development. Users can set up a PIN on Android apps, that will be asked to approve all their transactions and there is fingerprint approval required in iOS app. We are also launching a Pin with which users can access their account through alternate number in case of lost phone.”
Sinha explains some of the additional services Mobikwik is planning to offer through its digital wallet, “We already support cashless payments for IOCL, BP and HP petrol pumps. Also, we have partnered with NHAI to make all toll plazas cashless. Going forward, we are looking at converting all parking areas cashless. In the coming months, we can see unprecedented adoption of mobile wallets to continue and better collaboration with banks and other financial institutions to help make wallet loading booking even smoother & seamless.”
Wallet providers are reworking on their business models to woo customers and get an edge over their competitors. In a bid to create a ‘differentiated wallet’ Sunil Kulkarni, Deputy MD, Oxigen Services, says, “In continuation of the digital wave taking the country like a surge, India’s pioneer non-bank mobile wallet app, Oxigen Wallet, is set to enable its customers with FASTag cards to recharge DND (Delhi Noida Direct Flyway) flyway tolls on the move. The latest development comes following in line the recommendation released by Reserve Bank of India, in the favor of digitalizing toll payments across India.
DND is an eight lane expressway, stretching across 9.2km, connecting Delhi with the strategic industrial suburb, Noida. Allowing customers to recharge their DND flyway tolls digitally will bring comfort to a majority of corporate clan, commuting to and fro the expressway on a daily basis, along with other commuters. This development gains further relevance, since paying via cash for DND flyovers has always been a pain point. Now, users can recharge their FASTag cards with just a click via Oxigen Mobile Wallet, regardless of whether they have enough cash or spare change and enjoy a near non-stop movement on the expressway.