Indian smart phone brand name Lava has actually launched a brand-new electronic payments application for feature phones, and also it does not require Internet connection. The business declares that the Lava Pay app features the highest possible safety and security criteria and also allows feature phone clients to carry out electronic purchases in a streamlined way. The business claims that the Lava Pay app will certainly come preloaded with all Lava feature phones and also existing clients can obtain it mounted in their feature phones from Lava solution centres. It helps with peer-to-peer (P2P) payments.
The Lava Pay app needs clients to go into the mobile variety of the receiver, the total up to be moved to the receiver’s savings account, and afterwards validate the settlement utilizing a purchase pass code. Now, this application still needs the individual to have a UPI ID. Upon connecting to Lava regarding just how an individual without Internet accessibility is intended to establish a UPI account, the business stated that the financial institutions will certainly establish the individual’s UPI ID, where the app will certainly work.
Upon finishing the settlement, the receiver and also the sender both will certainly obtain a verification message on their phones. Mr Tejinder Singh, Head of Product for Lava, stated that Lava Pay is the very first option for electronic monetary purchases without the demand of Internet connection.
The app additionally permits individuals to examine their account equilibrium directly within the Lava Pay app.
According to Singh, the business is attempting to touch the 500 million Indians that do not have accessibility to Internet and also depend on offline financial for all their financial demands. Digital payments in India have actually gotten on the surge. According to information from the National Payments Corporation of India, mentioned by The Hindu Business Line, UPI purchases alone touchedRs 132.32 crores in February this year. The overall quantity of purchases have actually amounted toRs 2,20,000 crores.