The National Payments Corporation of India (NPCI) is reportedly running a pilot project with three companies that will help them enable proximity payments on the Unified Payments Interface (UPI). According to a report on the Economic Times, the NPCI has shortlisted three startups — PhonePe, ToneTag and Ultra Cash — for the pilot. Proximity payments will enable consumers to make digital payments at merchant outlets without any physical contact with the acceptance terminal, theoretically, this should ensure higher levels of security and speed for such transactions. For example, in a contactless payment scenario, the payer won’t have to physically type in a merchant’s phone number, bank account details or Virtual Payment Address. Rather a contactless system like an ultrasonic sound or bluetooth would be used to pair two devices and initiate a transaction via UPI. This could also serve as…
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