Last month, India registered a new record high of 25.5 billion digital transactions in 2020, making it the world’s biggest real-time digital payments market, beating China for the first time.
Since demonetisation in 2016, there has been a steady increase in digital transactions in India, and the last year's Covid-19 pandemic's social distance protocol, it further amplified the usage of cashless payment in the country. Google Pay, Phone Pe and Paytm have garnered a lion's share of the market, while the latest entrant Whatsapp Pay is still a long way down the list of players.
Now, reports have emerged that OnePlus is gearing up to introduce its proprietary payment solution in India. The company has filed the trademark application at the local Registrar of Trademarks office, Mukul Sharma, a popular tipster, shared the leaked receipt on Twitter.
It should be noted that OnPlus Pay is already in service in China since March 2020 and India will be the second market it is making the debut.
OnePlus Pay works on the Near Field Communication (NFC) feature of OnePlus phones. Users can type in their debit/credit card details on the app and can wirelessly transfer cash to a nearby compatible PoS (Point-of-Sale) device.
It is believed OnePlus Pay works only on OnePlus phones, just like is similar to Apple Pay and Samsung Pay are compatible only with respective branded phones only. It would be great if they function like Google Pay, PhonePe, or Paytm, which can work on all types of phones.
Interestingly, the OnePlus Pay trademark filing document also reveals the payment solution will also work with smart glasses, which the company has not launched even in China.
Maybe, OnePlus is just listing all possible devices (current and future) that will be compatible with OnePlus Pay.
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