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Contactless payments are rapidly becoming a driving force in the Indian FinTech sector, revolutionizing the way financial transactions are carried out across the nation. The Indian market for contactless payments is experiencing rapid growth, fueled by advancements in technology, shifting consumer behaviors, and supportive government initiatives. Technologies such as Near Field Communication (NFC) and the Unified Payments Interface (UPI) have greatly transformed how Indians manage their finances, offering faster and more secure transactions. The government’s Digital India initiative, along with support from the Reserve Bank of India (RBI), has further bolstered this transformation.
FinTech companies are capitalizing on this momentum by introducing a variety of solutions, including NFC-enabled mobile wallets and seamless QR code payment systems. This shift is simplifying the payment process for consumers while enabling businesses—particularly small merchants—to adopt digital payments with greater ease.
Here are four FinTech platforms leading the way in contactless payments in India:
ToneTag
Operating at the intersection of technology and customer-focused innovation, ToneTag is a fintech company that enables payments through sound-based technology. It offers sound-based contactless payments, location based services, and proximity based customer engagement services, amongst others. Since its inception in 2013, ToneTag has filed 13 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space, and has touched the lives of its over 50 million global consumers.
Taptapay
Taptapay is an innovative Indian payment startup that specializes in prepaid card issuance, wearable payment technology, and program management. The platform is part of BillBox’s suite of offerings and aims to cater to Gen Z’s preferences with secure, reliable, and advanced digital payment solutions, including wearable payment systems for brands and corporations.
Seshaasai
Seshaasai is a privately owned company focused on delivering secure, technology-driven solutions. The company has been a key player in India’s digital evolution, offering products ranging from omni-channel communication systems to smart payment solutions. Seshaasai emphasizes data security and has worked across various sectors, including finance, healthcare, education, and government, transforming business challenges into competitive advantages.
Transcorp International Ltd.
Transcorp is a BSE-listed, RBI-regulated company that offers a range of services, including prepaid payment instruments (cards and wallets), money changing, inward remittance, and travel services. With a technology-driven approach and a global outlook, Transcorp has maintained consistent growth and diversification, offering UPI wallets and payment cards alongside its financial and travel services.
