Google Pay is likely to take it a step further in the emerging Indian fintech segment with the introduction of NFC-based payments. With NFC technology, users can conduct transactions without physically swiping a card.
Instead, all a user has to do is hold their NFC-enabled device close enough to the point of sale, which must also be NFC-enabled to complete the transaction. It is important to note that NFC stands for near field communication.
Google Pay is known for bringing innovations in payment technology. It was one of the first platforms in India to introduce UPI-based payments. The platform also recently allowed its users to trade their credit cards securely, and now it could soon be NFC-based technology.
The rumor of a possible launch of the NFC-based payment mode came after Android Police reported that Google Pay recently added a support page explaining how the technology works.
In India, the Reserve Bank of India (RBI) has currently limited NFC transactions to Rs 5000. This means you can handle up to as much of Google Pay over NFC at once every time you start.
Recently, Google Pay has also stepped up its efforts to improve security on the platform. In March 2021, the company gave users more choices and controls over how to manage transaction data on the digital payments platform.
“All users are asked to decide whether to turn the controls on or off when they update to the next version of the Google Pay app,” said Ambarish Kenghe, vice president of product at Google Pay, in a statement.
