Page 27 - Banking Finance August 2017

ARTICLE

The future of digital payments with contactless

mobility

F or our dream to build a digital world to come alive, the shifts in consumer behaviour. While there are enough

wireless technologies have a critical role to play.
use cases which have been successfully implemented type/
While the first step towards that dream is availabil-
touch based methods, contactless/gesture based solutions
ity, "speed & convenience" at which you can ac-
cess your worldwill constitute the next level of are now fast emerging.
innovation.Applications and devices are now interconnected The contactless payments have been made possible simply
and allows for accessibility and portability, but the real because there is now the
differentiator will be to provide what you require at your fin- ability to securely manage
gertip without blinking an eyelid. Let us look at the key fac- transactions through a
tors driving this digital adoption in the payments industry. smart chip that contains on-
board crypto processors
Convenience which activate during the
From touch sensitive technologies, the world is now experi- transaction through low power RF signals.People are able
menting with waving, gesturing or just simple eye-tracking to conduct the transactions in offline mode and later
or mood sensing. Touch is now hygiene.All this cannot be synchronise with host systems in batches.This is an ideal mix
achieved without the support of an underlying wireless tech- of low cost module andspeedy distributed processing with
nology essentially using radio frequency (RF), low cost and the convenience of gesture based input.
low power electronics.
Every technology leader in the digital space whether it is
Speed the internet, mobile or software segment has experimented
with contactless payments;However,majority of implemen-
Interconnection is critical but this need can also be
tations are either not interoperable or require a 24x7 con-
ahindrancefor efficient completion of an important task.
nected ecosystem which becomes a roadblock in the suc-
Technology has moved into a combination of both thick and cess meter hitting high for these initiatives.
thin clients, best characterised by the mobile application
ecosystem.Offline computing along with synchronisation
To be truly accepted, these following measures will benefit:
capabilities allow you to achieve speedier transactions with-
X Accessibility and interoperability: Accepted anywhere
out losing out on interoperability.
and offers multiple uses
Pay and Go X Speed of transaction: local secure processing with batch
synchronisation
Payments industry is no different and is swiftly embracing
X Convenience of transaction: Clutter free smooth ges-
About the author ture, like tap and wave

Nalin Bansal
Vice President and Business Head National Common Mobility Card
RuPay Contactless and EMV The Reserve Bank of India (the Bank) took the first step
National Payments Corporation of India towards encouraging reforms in the payments and settle-
(NPCI)
ments system in the country to promote contactless pay-

BANKING FINANCE | AUGUST | 2017 | 27

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