The National Payments Corporation of India (NPCI) has partnered with YES Bank to launch a contactless payments solutions --- RuPay On-the-Go.

This was launched on Tuesday in association with fintech infrastructure partner, Neokred, and manufacturing partner- Seshaasai at the Global Fintech Festival 2021.

“RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. This innovative wearable payment solution would redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple ‘Tap, pay, go’ mechanism,” said a statement.

RuPay On-the-Go is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to Rs 5,000 without the need to input the PIN. For payments above Rs 5,000, customers need to tap, followed by their PIN.

For online transactions, the BHIM YES Pay app provides a virtual RuPay card to customers that can be used for digital and e-commerce transactions, the statement further said.

“The wearable tech space is an integral part of driving contactless payments, and we are working toward building a secure and inclusive payments ecosystem with our partners,” said Praveena Rai, COO, NPCI.

Consumers without an existing YES Bank account can also avail of these wearables.

Anita Pai, COO, YES Bank said, “The RuPay On-the-Go smart accessories, such as keychains with tap-and-pay functionality, will enable customers to make digital payments securely, more easily and in style.”