NeoZAP is a NFC payment tag that lets users make payments without PIN | Technology News - The Indian Express

Oct 22, 2024

NeoFinity, the fintech and payment arm of the Neo Group recently announced NeoZAP, a digital payment tag that lets users make payments offline without having to entering their UPI PIN. The NFC sticker can be easily attached to the back of the phone and offers users a way for users to make both offline and online.

The company says NeoZAP is significantly faster than UPI or debit and credit cards as it eliminates the hassle of unlocking your phone, opening the payment app and entering your PIN. It can also be used to pay for metro and bus fares and at petrol pumps. Designed for Gen Z and millennials, NeoZAP can be used to make payments up to Rs 2,000 without requiring a PIN, similar to UPI Lite.

Neofinity claims the NFC-powered payment tag has a transaction speed of 480 milliseconds, making it the “quickest payment available in the market.” The company’s co-founder says NeoZAP works without battery and internet connectivity, which means it can be used to buy something even if your phone has no network coverage.

NeoZAP also features a virtual card that lets you make online payments without exposing your bank card details and can be locked or blocked from the app with just one tag. Backed by fraud detection protection by HDFC Ergo, the payment tag also offers exclusive rewards and discounts from 200 plus brands like PVR, Google, Times Prime, CultFit and more.

NeoZAP is currently available for preorder on the Neofinity website for a reserve price of Rs 33 and the first 1,500 customers can purchase it at discounted price of Rs 499, after which the price will be bumped to Rs 999.

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