IBEF: November 04, 2020
Leading payment technology provider Visa, in partnership with DigitSecure and HDFC Bank, announced the first successful live implementation of a PCI certified Tap to Phone card acceptance solution. DeliveryPlus is the first merchant to be unveiled as an acquirer by HDFC Bank. This new solution enables merchants, without any dedicated card acceptance machines, to accept safe contactless card payments in seconds through an app on their NFC-enabled Android smartphones.
DigitSecure is the first Asia Pacific-based company to obtain PCI security certification for the implementation of this technology, in line with the 'Made in India' objective of local innovation.
By migrating merchant onboarding, account provisioning and authentication to the PCI accredited payment acceptance cloud, Tap to Phone technology would dramatically lower the operating costs for financial institutions.
This allows banks and fintechs to allow card acceptance for more merchants.
Mr. Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said, “The pandemic has speeded up the need for companies to accept stable, safe and contactless payments. In line with our global commitment to digitising 50 million small businesses, in collaboration with HDFC Bank and DigitSecure, we are pleased to make the first deployment of a PCI-certified Tap to Phone card acceptance solution in order to give merchants easily accessible and asset-light, cost-effective solutions. As more Indians adopt contactless forms of payments, merchants across the country can now easily use their mobile phones as a digital payment acceptance device.”
Mr. Seshadri Kulkarni, CEO at DigitSecure said, “It is becoming increasingly important for retailers of all kinds and sizes to deliver digital payments free of contact at all points of customer interaction. Financial institutions will easily allow small enterprises to accept cards at a small fraction of the cost and time with DigitSecure's PCI Certified App-first SoftPos platform with ready global processing integrations. The framework would be convincing for global companies to offer consistent customer service through minimal integration. We believe that using telephone technology will create a new digital payment model that will enable small and on-the-go businesses to give customers contactless payments.”
Mr. Parag Rao, Country Head for Payments, Business, Consumer Finance, Digital Banking and Marketing, HDFC Bank said, “The prevailing conditions have hastened the need to deepen the country's digital payment eco-system. A vital backbone of the economy is the MSMEs and merchant segments and it is crucial that they have access to the new platforms available to enable digital payments. This first global Tap to Phone deployment, using smartphones, is part of our initiative to provide small merchants with affordable platforms.”
"As an e-com delivery services provider, we are able to scale quickly without incurring extra capital costs with the capacity of the DigitSecure SoftPoS Platform to process multiple merchants on the same system in different categories," said Mr. Sandeep Yadav, CEO, DeliveryPlus.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.