In this era of demonetization , where there is a huge scramble for cash and people are running after banks for withdrawing cash, digital wallets have gained enormous significance and have been talk of the town.
But I always wondered how about a technology which can make contactless payments and I am quite confident that this process of making a payment for my offline purchases is surely going to be in the news in the time to come. This belief has all the more been substantiated by the fact by the following example –
I went to a departmental store yesterday for fetching my monthly supplies of grocery and other stuff with the belief that having my debit and credit cards making payment would be hassle free but this was not the case to be.
The worst of my dreams came true when the card swiped in refused to approve the payment to the merchant and thus I was held up at the payment kiosk for quite a good amount of time. To be precise it was exactly 1 hour.
It is in this scenario that a contactless payment solution which works on sound waves and that too with no internet required would perfectly be the answer to the problem .
How the solution works –
This solution which works through an app needs to be connected to an user’s bank account or credit card accounts or digital wallets. So there is no need of carrying the cards and swiping them at the payment counters and earnestly hoping that the internet connection is working fine.
In this solution the buyer places their phone near the device at the payment counter of the merchant and receives the bill and then makes the payment through the digital wallet /debit /credit card.
The only challenge in here is that both the buyers mobile phone and the merchants phone needs to be integrated but considering the pain point that the solution is addressing the experience is surely to be awesome one.
I sincerely hope the solution is adopted both at the merchants end and by the buyers to make the entire process hassle free.
ToneTag and UltraCash, both Bengaluru based startups ,have developed this sound based payment solution .
( The article is based on my personal experience at a payment counter & as a solution to the problem)
The fact that this technology is slowly and steadily making news lies in the fact that India’s largest bank in the Government sector -State Bank of India is updating its mobile application which will enable customers to make contactless payments at Point of Sales applications.