Paytm launches Tap Card: Allows offline payments in 0.5 seconds
Paytm has launched Tap Card to make digital payments at merchant outlets without using the internet. This is an NFC-based offline payments solution that has been introduced in collaboration with digital payments company Yeldi.com. Paytm claims that through the Tap Card, payments can be made in 0.5 seconds and is touting it to be India's first "truly offline payments solution."
A user, who has balance in his Paytm wallet but no internet, can scan the QR code on his Tap Card to transfer money to it. Then at merchant outlets, his Tap Card will be scanned on an add value machine (AVM) which uses NFC mechanism to extract payment. If your card already has money, you don't even need your phone during the transaction.
To make this work Paytm is issuing company-authorized Point of Sale (PoS) terminals which merchants need to install at their outlets. In the first phase, Paytm is partnering with events companies, educational institutes and corporate for rolling out Tap Card payments. Notably, earlier in 2015 too, Paytm had introduced an offline payment solution which was QR code-based.
"There are a large number of people who do not have internet access or shy away from using online payments. For them, we offer the Tap Card. For ensuring wider acceptance, we are actively enabling merchants with NFC PoS terminals," said Paytm COO Kiran Vasireddy.