Tata to get hold of NPCI'S Aadhaar Payments Systems With Universal PoS, Sound-Based

CioreviewIndia Team | Thursday, 25 March 2021, 13:42 IST

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Aadhaar Payments Systems

Tata Group's retail payment entity Tata Sons is allegedly dealing with a mobile phone-based universal point of sale (PoS) system that could supplant all thumbprint-powered transactions like Aadhaar-enabled payment System (AePS) in India. The payment system will be interoperable across all payment operations in the country.

The Unified Payments Interface (UPI) has assisted accomplish the government's aim of decreasing the use of currency notes in small-value transactions.

“The plan is to build a universal payments ID for every Indian that would completely do away with the need of Aadhaar readers,” an official involved with the business plan told ET. “The plan is to have one universal PoS where a merchant can accept payments on any phone. There must be solutions beyond the smartphone for the rural customers; in my mind, UPI is still complex for them,” he added.

Eminently, AePS is a famous payment system in rural India and its transactions have almost multiplied in one year, from INR 11,286 Cr in January 2020 to INR 21,978 Cr in January 2021.

Authorities associated with the Tata Group’s plans disclosed that Tata intends to build universal payments ID for Indian clients outside metropolitan areas to totally supplant Aadhaar-based unique finger impression perusers and permit clients to acknowledge installments on any phone. "There should be an solution beyond the smartphone for rural customers. UPI is as yet complex for them," the individual added.

The improvement comes as Tata Group has formed a consortium looking for the New Umbrella Entity (NUE) licence from the Reserve Bank of India (RBI) to set up a retail payments netwok to pit against the Indian government’s National Payments Corporation of India (NPCI).

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