Banks, payment operators want to render “contactless” digital services

There is a new buzz in India’s highly fragmented digital payments industry. Players across the board – top retail banks, technology companies, ATM manufacturers, Point of Sale (POS) deployers, card network operators and UPI players — are all sensing opportunities in rendering their services “contactless.”

Increased apprehension among consumers during the pandemic towards physical modes of payments is giving rise to a new category of digital payments spends which are ‘contactless’ in nature, say industry insiders.