It will allow users to make proximity payments at merchants without NFC technology. UltraCash uses high-frequency sound waves to make a payment, like in the case of iKaaz’s MOWA. UltraCash had partnered with YES Bank in February to issue YES Bank sponsored mobile wallets. It would also employ YES Bank’s IMPS payments platform to enable processing of instant proximity transactions.

HDFC Bank launches UltraCash

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