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NPCI Proceeds with Sound-Based Payments in UPI
May 23, 2018
Giving a whole new meaning to digital payments, the National Payments Corporation of India (NPCI) is making progress with a sound-based payment system for its United Payment Interface (UPI) channel.
NPCI is presently in talks with three companies viz. UltraCash, PhonePe, and ToneTag and testing the service. The pilot program was launched six months ago and now the process has reached the “proof of concept” phase in which banks are working on ways to incorporate the new mechanism into their independent mobile wallet products.
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