When ATM card and credit card were introduced. Then people thought that it would be very easy to withdraw money and make payment and that is exactly what happened. Gradually with time new technologies were introduced in the country. The introduction of means of payment through mobile like UPI ID, QR code made the process easier.
New technologies are emerging in India which is rapidly moving towards modernization. Now the era of plastic cards is also becoming old. Because things like key rings and watches are going to take its place. In which you just have to tap and the payment will be done (Tap and Pay Payment).
Getting rid of plastic cards
Now you will not need a plastic card to withdraw money. Payments made by RBI Innovation Hub are being shown in many RBI Innovation Hubs in Bharat Mandapam. The meeting of top leaders of G-20 countries is going to be held here only. All the leaders participating in the G-20 Summit are going to visit the Innovation Hub Centre. Which also includes many devices with Tap and Pay Payment facility. Which was recently launched by RBI.
Payment will be done by tapping
Now, for payment up to Rs 500, you will not need to scan the QR code with your mobile phone, leave alone the card. Along with this, you will not need to enter any PIN. All you have to do is tap the phone on the QR code machine or POS. Through which payment up to Rs 500 can be made easily.
If you have the facility of RuPay payment then you can also pay through ring or watch. Payment will be made just by touching them. These key rings will be given to the customers by the bank. Many watch manufacturing companies are also bringing many such facilities. However, currently this facility is only for Rupay card customers. Preparations are being made to bring this facility in collaboration with banks.