Gone are the days of making payments by going to banks or writing cheques or even using plastic cards. Most Urban Indians have started to utilize the power of Digital payments, which are instant, easy and can be made anytime any where. Payments though Mobile wallets are becoming a norm, especially while shopping on eCommerce portals.
Once a user adds the Debit/Credit card or Bank details to their mobile wallets, it just a matter of few taps and touches on your smartphone to complete the payment cycle.
Now, PayUBiz, wants to make it even more easier – they have introduced a new technology in digital payments where a user will not even need multiple taps or touches. Users can make payments with just a single tap. Aptly called ‘One Tap’, this new way of making payments has potential to revolutionize the online & mobile payment Industry.
Mr. Rahul Kothari, Business Head, PayUbiz said in regards to the launch, “We are absolutely delighted to be the first to introduce OneTap technology. This is set to disrupt the way mobile payments are made in India. With this technology, ecommerce companies will be able to deliver absolute customer delight through faster and hassle free payments experience with just one tap. This is one in series of innovations we are going to deliver that will change the way consumers make payments online. Consumers can presently experience this technology on apps such as PayUmoney and Twigly.”
How PayUBiz One Tap Tech Works
First and foremost, the PayUBiz One Tap tech is completely secure and is PCI-DSS compliant. Basically, it automates 4 different steps that generally users have to do on their smartphones to make digital or mobile payments.
Users first need to store their credit card or debit card. The first factor authentication of putting the CVV each time while making an online payment is eliminated by the No-CVV feature. Furthermore the second factor authentication of OTP, gets auto read and submitted leading to the completion of a seamless one tap payment experience.
If there is a network issue while making the payment, the magic retry feature picks up the transaction from the point where it stopped and retries it till it is successful or payment is cancelled. Here is a graphic that explains the working on ‘One Tap’ payments tech
Currently, the ‘One Tap’ payment tech can be experiences on PayUMoney mobile wallet as well as Twigly app. The feature will soon be available on other mobile apps like Peppertap, Redbus, Goibibo, Grofers, Big Basket, Just dial, Xiaomi, Musafir and Nearbuy.
PayUBiz payment services are used by nearly 80 eCommerce sites in India that include Snapdeal, Bookmyshow, Yatra, Makemytrip, Myntra, Redbus, Jabong, Zomato among others.
Curious to know how is this different from what existing wallet players are doing. I didn’t see anything new per se. Please correct me if I am wrong.