The landscape of payments in India has transformed dramatically through UPI. People can scan QR codes everywhere – from a small roadside shop to the local mall. But, this would require a smartphone and data, which not everyone has. Proxgy, an IoT startup based out of Gurugram, has a smart solution called ThumbPay.
ThumbPay is described as a biometric payment device. Instead of scanning QR codes or using a smartphone, users only need to place their thumb on the device. The device connects directly to a bank account linked to Aadhar through UPI to instantly deduct money from the user’s bank account, without cash and without the phone.
The device verifies the identity of the user through the Aadhaar Enabled Payment System (AEPS). Users only have to place their thumb on the device, AEPS will verify the thumb and the device will deduct the money from the user’s bank account through UPI. The entire process can be done in under a few seconds.
Proxgy has already piloted ThumbPay with success in a closed environment. Currently, they are trying to get approvals from UIDAI and NPCI. Once they have finished with approvals. they will take the device to market, starting with the larger banks. Proxgy will eventually take the devices to fintech companies and small businesses.
This battery-operated device works without needing a constant power source or any smartphone. It functions perfectly in underserved areas, small markets, and regions with poor internet connection. Priced below ₹2,000, it remains affordable and accessible to a wide range of people.
Pulkit Ahuja, Proxgy’s CEO, states that ThumbPay is the future of digital payment in India. He also noted that ThumbPay amalgamates Aadhaar and UPI in an exciting way that enables individuals to pay simply by using their identity.
Proxgy was founded in 2020 and has secured over $5 million in funding. Prior to ThumbPay, they created customizable IoT products such as SmartHat, Sleefe, AirShifter and UPI Sound Boxes.
Also Read: Withdraw Cash Using UPI Without an ATM!
Share
World Tallest Bathukamma to Bloom in Hyderabad on September 28
WhatsApp New Feature Challenges Google Pay and PhonePe
