Indian mobile phone brand Lava has introduced a new digital feature phone payment application and does not need Internet connectivity. The company claims that the Lava Pay app comes with the highest security standards and enables customers to conduct digital transactions in a simplified manner. The company says that the Lava Pay application will come preloaded with all upcoming Lava phones, and existing customers can get it installed in their phones from Lava service centers. This app facilitates peer-to-peer (P2P) payments.
The Lava Pay app requires clients to enter the receiver’s mobile number, the amount to be transferred to the bank account of the receiver and then authenticate the payment using the transaction passcode. Actually, this application needs the user to have a UPI ID. After reaching Lava as how a person with no Internet access to set up a UPI account, the company said that the banks will set up the UPI ID of the user through which the app will work.
After completion of every payment, both the receiver and the sender gets a confirmation message on their phones. The Lava Pay Payments app allows people to check their account balance straight within the app.
Mr. Tejinder Singh, Head of Product for Lava, said that the Lava Pay app is the first solution for digital financial transactions without the requirement of Internet connectivity.
According to Singh, the company plans to squeeze 500 million Indians who do not have access to the Internet and rely on offline banking to meet all their banking needs. Digital payments in India have been on the rise. According to data from the National Payments Corporation of India, mentioned by The Hindu Business Line, UPI transactions alone touched Rs 132.32 crores in February 2020 including transactions from PhonePe, Google Pay (Tez), Xiaomi Mi Pay and others. The total amount of transactions totaled Rs 2,20,000 crores.