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From increasing preference of contactless banking to greater adoption of contactless payment systems in retail, consumers are relishing the experience of going contactless. With physical distancing being the new normal, consumer behavior is increasingly shifting towards contactless modes of digital payments in India for three major reasons: Convenience, Speed, and Security. The idea of staying in control of the payment processing experience, not handing over your credit or debit card to the merchant, and quickly checking out of the store are undoubtedly the key drivers of contactless payments in India.
Businesses aren't shying away from reinventing themselves and are proactively adapting newer digital technologies that can bring them at the forefront of changing the business landscape. At Pine Labs, we are experiencing this momentum towards digital and more specifically contactless payments. In fact, in a survey that we did among our merchant partners during the lockdown, digital payments adoption and integration of contactless payments at the point of sale were two of the most voted options across Grocery, Consumer Durables, Restaurant, and other categories. So, from scanning the menu at a restaurant to the payment for daily groceries, the experience to weave in-store will be contactless payments going forward.
The adoption of QR code payments and contactless card payments are two good examples of digital payments products that have found momentum post-COVID-19. The businesses have started to trust the cashless mode of payments as their customers want them to opt for contact-free, safer, and convenient transaction methods. Other perceived barriers around cost of adoption are also increasingly being addressed and our most recent launch of Pine Labs AllTap is testament to this fact.
AllTap is a revolutionary new product that enables a merchant to accept contactless 'tap and pay' card payments of up to INR 5,000 from their customers using just their NFC-enabled smartphones. With AllTap, we have made it possible for the millions of micro and small-scale merchants in the country to accept contactless payments quickly and securely with no need of any additional hardware investment.
Like every other digital payment mode, multiple layers of safety norms are implemented with contactless payments too. Contrary to popular belief, a contactless card can't be tapped twice on the PoS terminal as only one transaction per card at a time is allowed. Pine Labs AllTap, for instance, is certified by PCI SSC and major networks like Mastercard, Visa, RuPay and Amex, thereby making it a one-of-its-kind mass appealing product that can fast track India's digital payments journey and result in greater financial inclusion. For any queries, you might have on our contactless 'scan and pay' Plutus QR product or the AllTap app, please do reach out to us at firstname.lastname@example.org.
By Sunil Param | on April 05, 2021
By Vinisha Kataria | on April 01, 2021