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India’s most popular digital payments portal, Paytm along with a digital payments company Yeldi.com has launched a new payment mode titled Tap Card. This card allows users to pay offline within a second. This card uses Near Field Communication (NFC) technology. With this a user can scan the QR code on the card to transfer money from Paytm wallet without the need of internet connection.
In a media statement, the company claimed that the new offering is in sync with the company’s vision to provide innovative and seamless payments solutions for non-internet customers.
How does Paytm Tap Card work ?
- Paytm user with no Internet visits a merchant to buy some products. He has balance in Paytm, but no Internet connection.
- The user simply scans the QR code on his Paytm Tap Card, and loads the card with his own Paytm money.
- The Paytm Tap Card is scanned at Add Value Machines (AVM) at the merchant, which uses NFC mechanism to extract payment.
Paytm has claimed that the Tap Card is India's first "truly offline payments solution".
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