In the last few years, India’s fintech industry has gone through a surge of innovation like never before. The credit must go to the government’s unwavering commitment to make digital payments mainstream and their support to the fintech companies who have been continuously bringing innovative solutions.
Earlier this month, the second edition of Global Fintech Festival (GFF) was successfully concluded. Like last year, it served as a launchpad for several new digital payment tools. While these newly launched digital payment products solve different problems, they point towards one direction – that India is going to be the powerhouse of global fintech solutions.
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New Digital Payment Tools at GFF 2023
On the second day of the event, the National Payments Council of India (NPCI) unveiled some of these groundbreaking digital payment products. To demonstrate to the audience how these new payment tools would work in the real world, NPCI utilised the Paytm app, QR code, and Paytm Soundbox. In fact, Paytm was the key contributor to all the demos that NPCI did during the event.
Here is the list of all the cutting-edge digital payment products launched during GFF 2023:
- UPI Lite X
For quite some time NPCI has been working on ways to proliferate UPI’s reach to areas where there is patchy internet connectivity or even no connectivity. UPI Lite X is its answer to this.
During the event, NPCI used the Paytm app to demonstrate how customers can use UPI Lite X to receive and send money offline. This will ensure that users who live in remote areas and don’t have a strong internet connection can also become a part of India’s digital payment revolution. Additionally, it will also allow users to transfer money via UPI when they are travelling underground in metro or buses.
- UPI Tap & Pay
UPI owes its popularity and country-wide adoption to QR codes as it made digital payments simple and easy. With UPI Tap & Pay, NPCI has made digital payments simpler. This newly introduced feature will allow users to simply tap their phones on NFC-enabled QR codes and make the payment. Users must have a smartphone with NFC to make the transaction by tapping their phones on the QR code.
This simple payment method was demonstrated by NPCI using the Paytm app during the GFF event.
- Credit Line on UPI
Customers who have a pre-approved credit line from their banks can now link it with their choice of UPI-enabled apps such as Paytm. Once they link their credit line with their payment app, they can use it to shop using UPI. With the launch of Credit Line on UPI, NPCI has forged a stronger relationship between India’s banking system and UPI. One of the main aims of NPCI behind launching Credit Line on UPI is to make credit easily accessible to the masses.
- Credit Card EMI
With Credit Card EMI feature, users can convert their credit card purchases into EMIs using a UPI payment app such as Paytm. On the Paytm app, users can connect their RuPay credit cards and choose from the available tenure options for repayment.
- AutoPay QR
NPCI has added more functionalities to the simple QR code that was just used to digitally pay and receive money. Now customers can scan a QR code and set up a subscription payment method via UPI AutoPay. This is a win-win situation for customers and merchants as it makes subscribing to a service or product easier. Merchants can simply place an ad in a newspaper, hoarding, or a digital screen and enable customers to scan and opt for the AutoPay method.
- Bill Pay Connect
NPCI has improved the utility and other recurring bill payment methods using UPI. Users can now accept bills and pay them from all payment sources on WhatsApp. To improve public mobility, it has enabled customers to recharge their National Common Mobility Card (NCMC) using the Paytm app.
Paytm Bags Awards at GFF
In its bid to applaud the innovations in India’s digital payment space, NPCI recognised Paytm’s contributions and awarded us in three categories – Best Payment Aggregator, Fintech for Good, and Fintech Leader of the Year.
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Bhavesh Gupta, President and Chief Operating Officer (COO) at Paytm was awarded the Fintech Leader of the year. He was recognised for his outstanding contribution in the growth of the fintech sector.
In the first edition of GFF held last year, Paytm had won awards in three categories as well. Receiving recognition from the government fills us with pride and fuels our enthusiasm to further innovate the fintech sector.