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March 22, 2021

India’s NPCI to launch payments solution for feature phone users

National Payments Corporation of India (NPCI), an umbrella organisation enabling digital payments and settlement systems in the country, is reportedly planning to introduce a new payment solution for feature phone users.

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Currently, the solution is at the proof of concept (POC) stage, Financial Express reported quoting NPCI COO Praveena Rai.

The move is expected to enable the users, who are not comfortable with smartphones, to make digital payments, thereby, fuelling mobile banking in the country.

This comes a year after NPCI, CIIE.CO and the Bill and Melinda Gates Foundation conducted a hackathon for the development of a feature phone-based payments solution.

Rai was quoted by the publication as saying: “We need to move into the market which is feature phone-based…Moving towards voice-enabled payments will be the trend of digital payments that we should see and India will be a clear innovator there.”

In 2016, NPCI launched a SMS-based payment system. However, the usage dropped following the roll out of the Bharat Interface for Payments (BHIM) app.

Currently, NPCI is also conducting another hackathon on payment authentication to improve online payment safety.

In January this year, NPCI’s RuPay partnered with private lender RBL Bank to launch RuPay POS solution for merchants.

The RuPay POS, launched in association with Indian hyperlocal fintech start-up PayNearby, turns smartphones into point-of-sale (POS) terminals.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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