New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
Mumbai, Haryana Roadways, Assam ASTC, and many more. This sticker, which is NFC-enabled, requires no battery, no charge, no electricity, no internet and is also waterproof.
You can make payments up to Rs 2,000 without a PIN and reload money on this sticker using the official app or any NCMC terminal like those found at Delhi and other metro recharge counters. This is because this NFC sticker's backend technology works using the RuPay network and since it is NCMC-enabled, it can work across the country at all National Common Mobility Card (NCMC) compatible metro, and bus networks.
How does this NFC sticker work with RuPay payments?
You must download the NeoZap app, register, and complete the KYC requirements. Once that's done, a platinum RuPay prepaid card will be issued to you, and you can then link that card with the NFC sticker. Once the sticker and the card are linked, you can use it for payments. However, do note that only NFC-enabled payment (contactless) and NCMC terminals can accept payments from this NFC sticker.
Rayan Malhotra, founder and CEO, NeoFinity shares some insights about how this NFC sticker works. «We got a special waiver from NPCI to make a numberless design sticker. Individuals need to do their KYC-full or basic, to access this virtual only platinum RuPay prepaid card. The full KYC can be completed fully online using video calling technology and the basic KYC can be completed by giving any officially valid documents (OVD). Money can be loaded inside this virtual RuPay prepaid card through
