4 big challenges for Wearable Payments in India
1. Lack of Acceptance infrastructure -> Very limited NFC POS terminals in India.
With the 2k per transaction limit ( now to be 5k),
2. Lack of appropriate POS terminal form factor -> Most POS terminals are kept
with the Cashier and it is expected to lend the card to make a payment. Hence
providing/ tapping the watch becomes difficult. In European countries, they have
tap-only POS terminals where the user can tap directly.
3. Lack of awareness of contactless technologies in terms of usage,
understanding where it can be used, security and advantages.
4. Enabling of wearable tokenisation by Reserve Bank of India (RBI) so that more
features and technologies can be incorporated across different categories
Mastercard Visa National Payments Corporation Of India (NPCI) State Bank of
India Titan Company Limited
#wearables #payments #fintech
Posted by Derek Kuttikkat on LinkedIn
link: linkedin.com/in/derekdk
1. Lack of Acceptance infrastructure -> Very limited NFC POS terminals in India.
With the 2k per transaction limit ( now to be 5k),
2. Lack of appropriate POS terminal form factor -> Most POS terminals are kept
with the Cashier and it is expected to lend the card to make a payment. Hence
providing/ tapping the watch becomes difficult. In European countries, they have
tap-only POS terminals where the user can tap directly.
3. Lack of awareness of contactless technologies in terms of usage,
understanding where it can be used, security and advantages.
4. Enabling of wearable tokenisation by Reserve Bank of India (RBI) so that more
features and technologies can be incorporated across different categories
Mastercard Visa National Payments Corporation Of India (NPCI) State Bank of
India Titan Company Limited
#wearables #payments #fintech
Posted by Derek Kuttikkat on LinkedIn
link: linkedin.com/in/derekdk