According to the announcement, 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 eliminate the need to carry a physical card and enable instantaneous payments with a simple `tap, pay, go` mechanism. 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 USD 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.
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