Blink Pay, Sound Capture: The Future of Digital Payments in India

What if we told you you could pay for that cup of coffee by blinking?

Bharat QR is one of the many digital payment options in India. 

(Photo: The Quint)

Digital payment options in India are mostly linked to Paytm, and more recently, apps like BHIM (Bharat Interface for Money).

A number of Indian startups are pushing to usher in a host of features to make internet banking more accessible and easy to use. Here’s a look at some features that will make their debuts soon:

Biometric Debit Cards

MasterCard is working with banks to offer biometric chip-enabled debit and credit cards. This means that whenever you make a card payment via the point of sale (POS) terminal at a store, you will have to register your finger ID for the transaction to go through.

These kind of debit cards will soon be available to consumers. 

This technology will ensure you don’t have to enter your 4-digit PIN every time, thereby making card payments in public places relatively more secure.

Most ATMs in India don’t offer EMV chip-based technology, which is why MasterCard doesn’t think withdrawing money with this card will be an option anytime soon. 

This device will help you in enrolling for biometrics.

The tests are already on, and the company is in talks with banks across the country to get the product out in the market. Those who wish to get their hands on this card will have to head over to a physical bank, where they can enroll for the finger ID via this device.

Blink-n-Pay

Selfies are popular, and even smartphone brands endorse the trend with bigger pixel mobile phone front cameras. But have you thought about using selfies to pay for items?

Master Card is partnering with mobile banking platforms in India to roll out this special feature. We can't confirm when this feature will be rolled out in India, but the fact that selfie payment options are in the reckoning suggests that forms of digital payment in India are set to evolve.

Blink-and-pay option lets you pay for shopping, tickets just by looking at the camera. 

Digi-Payment Sans Internet

The internet boom in India is real, but how can payment providers, or any company in this space, forget feature phone users?

Feature phone used for digital payment. 

Feature phones for digital payments? Bengaluru-based startup ToneTag claims to have found a way. No, they don’t have an app that works on 2G feature phones, instead they’ve designed RetailPod (as seen in the image) which will be made available at stores for payments.

Make calls to the bank via IVR and type your 4-digit PIN for authentication.  

The company spokesperson said that merchants looking to get this port will have to pay Rs 2 per day. However, they are keen for banks to push this through to the shopkeepers for free, encouraging a higher roll out of the feature across the country.

Brands like Apple are now eyeing the pay-by-face option with their latest iPhone X. Meanwhile, Google has just rolled out the Tez digital payment app that securely transmits money via sound frequency.

Also Read: Google Tez App for Digital Payments — Here’s How It Works

In addition to this, we already have options like Samsung Pay (works via POS terminal), and Bharat QR that interacts from mobile-to-mobile via QR codes.

Bharat QR was announced earlier this year. 

And what we’ve seen this month clearly shows that everyone wants a piece of our digital money, which is why there’ll be plenty of options to choose from. Go ahead, pick one that bests suits your pocket.

Video editor: Rahul Sanpui

(The author was invited by MasterCard to attend the South-Asia Innovation Forum earlier this month.)