Identive Group is partnering with NXP Semiconductors to provide NFC payment tags to Yeldi Softcom (view press release). The companies aim to support the launch of Yeldi Softcom’s ara eTap cashless payment application in India. The NFC payment tags are affixed to the back of a mobile phone to enable cashless “tap and pay” transactions. ara eTap customers can use the NFC payment tag to load cash onto their phones from their personal bank accounts or from a special escrow account set up with Yeldi Softcom. In addition, tag holders will be able to use the application to pay utility bills, recharge mobiles or book movie and travel tickets, while earning reward points on every usage.
Identive developed an NFC payment tag based on its patent-pending tom (tag on metal) smart inlay technology, which shields the tag’s radio frequency signal from the metal in the mobile phone designed to allow a connection between the tag and phone.
Identive worked with its longstanding tag IC provider NXP Semiconductors for the chip technology within the tag.
“Mobile technology is rapidly being adopted by a broad demographic in India, which is spurring significant interest in mobile commerce,” said Lakshmi Deepa, CEO of Yeldi Softcom. “The NFC payment tags from Identive and NXP make it possible for us to equip Indian consumers with the means of making cashless payments and other transactions without the need for a more expensive smart phone with in-built NFC. The tags can be used with both new and existing mobile phones, making the ara eTap application available to the majority of the population. Transactions are secure and the ability to reload cash to the tag adds to the convenience.”
Yeldi Softcom expects to launch ara eTap in the coming months and is currently signing up merchants across India to distribute the NFC payment tags and support the cashless payment application.