February 21, 2024

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India Launches On-the-Go Contactless Payments Solution

The National Payments Corporation of India (NPCI) recently partnered with a private bank to launch first-of-its-kind RuPay On-the-Go contactless payments solutions. Launched at the Global Fintech Festival 2021, RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India. RuPay is NPCI’s multinational financial services and payment service system.

As per a statement by NPCI, this wearable payment solution will redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple “tap, pay, go” mechanism. It is expected to “revolutionise contactless payments with a superior customer experience that is smart, fashionable, super quick, convenient, and completely secure,” the statement noted. RuPay On-the-Go is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to IN₹5,000 (US$66.5) without the need to input the PIN. For payments above this, customers need to tap, followed by their PIN. For online transactions, the BHIM YES PAY app provides a virtual RuPay card to the customers that can be used for digital and e-commerce transactions.

NPCI was incorporated in 2008 and has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag), and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI brings innovations in the retail payment systems through technology and is working to transform India into a digital economy. It facilitates secure payments solutions with nationwide accessibility at minimal costs to attain India’s target to be a fully digital society.

NPCI is looking at US$1 trillion worth of transactions through UPI on an annual basis, as digital payments are progressing in the country. There is significant progress happening in digital payments in the country. Last year, the total digital payment transactions reached about 55 billion in terms of number, with all kinds of payments put together, according to data from NPCI officials.

Earlier this month, NPCI and the Union Bank of India launched the Union Bank RuPay Wellness Contactless Credit Card. It focuses on customers’ lifestyle, fitness, rejuvenation, health, and personal care. Cardholders are entitled to one complimentary premium health check-up package in a year. Even after utilising the complimentary package, users can go for health check-ups at discounted rates, as OpenGov Asia reported. This is significant in the context of the COVID-19 pandemic. Cardholders will also be able to avail of monthly holistic spa sessions at over 100 outlets with one complimentary wellness treatment every year, along with discounted sessions throughout the year. Additionally, customers can avail of complimentary access to over 30 domestic airport lounges twice per quarter across India. Further, with the card, consumers would be able to avail themselves of 15-30 days of complimentary gym membership at selected gyms across India. The existing members of these gyms will get a discount of 40-50% while renewing their membership using the card. It will also provide concessional access to over 20 premium golf courses in top cities in India with one complimentary golf game or lesson every year.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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