From next time if your phone gets switched off or out of coverage area and you have to use your Paytm balance to make payment, then the digital payment major has a solution in the form of near field communication enabled physical card – Paytm Tap Card.
The card can be used as an offline payment mode by using Paytm wallet.
It essentially will work with NFC PoS terminals issued by Paytm and users can add money from their Paytm account by scanning the QR code on the Tap Card and by authenticating it at any of the add value machines (AVM).
For uninitiated, NFC protocols established a generally supported standard. When one of the connected devices has Internet connectivity, the other can exchange data with online services.
Even if you don’t carry your phone, you can make payment by simply tapping the card at a merchant terminal. This means the card will be syncronised with your unique Paytm account.
Paytm is partnering with events, educational institutes and corporates in the first phase to enable quick digital payments using this card.
For Paytm Tap Card, the Vijay Shekhar Sharma-led company has collaborated with Chennai-based NFC technology company YELDI Softcom.
According to the YELDI’s website, Paytm Tap Card will be initially available for Paytm’s customers in Chennai. However, there is no any timeline mentioned for the pan India launch.
Entrackr has tried to access the service but the website seems to be in pilot mode and not working for all users.
Further, YELDI claims that the card is priced at Rs 100 and it will be delivered within seven days. The card will be secured with a PIN and only one card is permissible for each Paytm account.
In 2016, YELDI– payment services company also got the licence from the Reserve Bank of India (RBI) to operate as a semi-closed wallet service provider.
With the launch of payment via NFC-enabled card, Paytm has offered another feature for its over 300 million customers as well as three million offline merchants.
The development was first reported by Financial Express.