Small Rival companies of Offline Contactless Visa/Master/RuPay card coming soon in India

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Small Rival companies of Offline Contactless Visa/Master/RuPay card coming soon in India:

RBI nod for testing Contactless offline e-payments – A contactless, prepaid card that can be used without any connectivity and three other technologies that enable offline UPI payments are the latest pilot projects that the RBI has allowed to be tested under its regulatory sandbox.

A regulatory sandbox refers to testing of new products or services by customers within a controlled environment. Regulators may relax some prescription to enable innovation. Last year, the RBI had released a framework for its regulatory sandbox and said it was aimed at testing product viability. The central bank had specifically invited technology developers for solutions using offline and feature phone-based payment services.

Companies were allowed to test their products -

1) CityCash -

Tap Smart Data Information Services (CityCash). The company has developed a near-field communication (NFC) -based prepaid card and point of sale (PoS) device to facilitate offline person-to-merchant (P2M) transactions. The card can be used as a travel pass and e-wallet to purchase bus tickets as well as pay select merchants.

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2) Eroute Technologies -

Eroute Technologies also offer card based payments solutions. Its prepaid cards accepted by merchants across the card & Bharat QR network with seamless consumer spending experience. Its UPI Based offline payment solution uses a smartcard for P2P/P2M transaction. Its offers payment solutions for non-internet connected feature phones.

Note – Enroute Techonogies is working on a solution where offline payments can be made using a chip attached to a SIM card. Using SIM overlay smartcard placed on the SIM to drive SIM Tool Kit (STK) menu-based user interface to facilitate P2P/P2M transactions.

Let every Young own an OmniCard, then manage their spendings & experience, online & in-app shopping with intuitive mobile app.

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3) Natural Support Consultancy Services Pvt. Ltd -

Natural Support Consultancy Services Pvt. Ltd from Jaipur: NFC-based prepaid cards and point-of-sale devices, called ‘eRupaya’, to facilitate offline person-to-merchant transactions and offline digital payments in remote locations

PNB eRupaya solution to digitize Villages

Made in India :

No payment to be made to MASTER / VISA – saves precious foreign exchange
No dependency on any foreign vendor
No data sharing with any foreign vendor

Commercial Benefit:

100% free from all charges
No Payment to be made by Shop Keeper (Merchant)
No Payment to be made by Card Holder
NO MDR deduction on transactions

Benefits of the solution :
Independent of internet connectivity
100% Transaction success rate (Dependable)
Convenient, Simple & Easy to use (Adoption)
Average Transaction Time lower then cash (Acceptance)
Cost of Transaction similar to Cash (Cost Effective)

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4) Nucleus Software Exports Ltd -

Offline cash product called ‘PaySe’ which will focus on-boarding Self Help Groups (SHG) and digitising the SHG ecosystem to use the offline payments product.

Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced availability of its PaySe™ Digital Cash solution in 3 new form factors payment: smart watch, band and micro SD card. By increasing the form factors supported, beyond the original hardware wallet and Near Field Communication (NFC) card, PaySe has now opened a range of new use cases for digital cash.

PaySe™, a revolutionary Patent-Pending, secure peer-to-peer offline payment platform, is designed to disrupt the card payment market. Traditional card-based payments are based on a hub and spoke methodology and hence are focused mostly on the connected and banked population of the world. However, 2 billion adults (almost 40% of world’s population) remain without a bank account (Global Findex Database 2014) and nearly 57% of the global urban population remains unconnected to broadband internet, with 37% living in some of the world’s wealthiest cities. These unbanked, unconnected adults need to make payments, which are currently made using cash.

5) ToneTag -

ToneTag (Brand of Naffa Innovations Pvt Ltd) Bengaluru has started testing an offline, feature phone-based UPI payment solution for P2M transactions over ‘’sound medium’’ by establishing a secure channel for data transfer over interactive voice response (IVR) between devices. The product enables contactless payment, even without the internet.

6) Ubona Technologies Pvt Ltd -

Ubona Technologies Pvt Ltd, Bengaluru started testing its product on December 14. Its product — voice-based UPI payment solution — facilitates offline person-to-person (P2P) and P2M transactions using mobile phones, including feature phone.

Few more companies are planning to launch Offline Contactless NFC prepaid card or Offline UPI based payment

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Looks good, but ……..

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Thanks

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Let’s see how efficient they will be

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👍

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