What if you could buy, eat, and pay bills without carrying your phone? A new UPI improvement makes it as simple as using your thumb. No QR codes or apps, just tap, authenticate, and you’re done. The new technology, ThumbPay, has been launched. It allows payments via fingerprint, and will allow customers to transfer money without the need for cash, cards, QR codes, or cellphones. Here’s all you need to know about Proxy’s new ThumbPay payment system and how it will eliminate the need for cash, cards, barcodes, and cellphones.
How Will The ThumbPay Payment System Work?
Aside from the payment mechanism, the ThumbPay device will include a certified fingerprint scanner, camera, UV sterilization, UPI soundbox, and connectivity via 4G, Wi-Fi, or LoRaWAN. Notably, the UPI soundbox will notify both the payee and the payer when the payment is completed.
“By linking Aadhaar with UPI on a low-cost hardware device called ThumbPay, Proxy aims to bring digital payments to every corner of India,” the business stated at the occasion.
ThumbPay Nears Launch As Trials Win Users And Merchants
ThumbPay, priced at ₹2,000 (about USD $25), is one of the cheapest biometric payment devices globally. Most Indians already have Aadhaar-linked bank accounts, so they may use ThumbPay without registering again.
The company has completed pilot field trials in select merchant locations, which resulted in rapid user acceptance and positive merchant feedback, particularly on transaction speed and convenience. Following these wins, the company is now pursuing regulatory clearance from UIDAI (Unique Identification Authority of India) and NPCI (National Payments Corporation of India).
Once approvals are in place, ThumbPay’s implementation will begin in stages, beginning with big banks, then fintech companies, and finally expanding to both urban and rural areas. Subsidized distribution tactics may encourage small vendors and kirana shops to embrace the hardware.
When Will ThumbPay’s Payment System Launch?
According to a recent update, Proxy has completed pilot testing and is awaiting approval from UIDAI and NPCI before working with banks and fintech enterprises. When the registration procedure is complete, ThumbPay’s new technology is expected to benefit the elderly, rural users, and daily wage workers who do not have cellphones or digital wallets.
ThumbPay Merges AEPS And UPI For Secure, One-Touch Payments
It combines AEPS and UPI in a single seamless flow. AEPS handles biometric authentication, while UPI facilitates bank-to-bank fund transfers for a safe one-touch payment experience. Interoperability is built in — any merchant using a ThumbPay device can accept payments from customers from any bank.
The hardware has been constructed to endure a variety of circumstances. It is battery-operated, making it suitable for usage in places with unstable or no electrical supply. The key features include:
- An STQC-certified thumbprint scanner with liveness detection helps prevent fraud.
- A small onboard camera for visual verification and QR scanning.
- UV sterilization ensures hygiene in public areas.
- Integrated display and keypad for entering amounts or PIN as needed.
- Provides connectivity via 4G, Wi-Fi, and LoRaWAN to reach even remote areas.
- QR code and NFC payment choices for those who prefer to scan or tap.
- A soundbox for UPI confirmations reduces the need for multiple devices at shop counters.
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