HDFC Bank has unveiled a new payments app called UltraCash which make easy proximity transactions at merchants premises without NFC technology. UltraCash, a high frequency sound wave technology-based payments application that relieves you of your wallet and cards. So there is no need of NFC and internet all you need is the app for seamless transfer of money.
HDFC says that “With UltraCash, you can now use your mobile phone to pay at restaurants, retail stores, electronics stores, etc – in a seamless manner, direct from your HDFC Bank account.This mobile-to-mobile transaction takes mere seconds and is redefining the payment ecosystem in India.”
UltraCash had previously partnered with YES Bank to let Ultracash issue YES Bank sponsored mobile wallets. It would also use YES Bank’s IMPS payments platform to enable processing of instant proximity transactions. Aditinally Axis Bank too has a proximity payment solution called Lime, which is a combination of sound and Bluetooth frequencies.
HDFC saiyng that the technology is completely safe and secure, with an end-to-end encryption and a unique identifier to pair merchant and customer phones. It will only take 5 seconds to complete all the transaction between two parties.
The merchant discount rate(MDR) is low which brings down the total cost of ownership and there is no investment is required other than a smartphone and the UltraCash app. While the registration and set up process only required Internet and after everything has been setup, transactions can be done without the need of an internet connection.
The payments solution offers a cap of Rs. 10,000 per transaction for security reasons, but there is no limit to the volume of transactions per account. The app is currently available on Android Google Play Store as of now, and will be available on iOS soon.