Previous Year Question

Wearable ATM products and Offline UPI services were introduced by Acemoney. Acemoney's own official history clearly records under its 2022 milestone that the company added “Prepaid card, Offline UPI, Wearable ATM products” to its product line.

Wearable payment products aim to provide card-related payment functionality through small wearable form factors that users can conveniently carry. Offline UPI, in the broader sense, aims to expand access to digital payments by reducing dependence on smartphones or continuous internet connectivity. In 2022, Acemoney added both types of products to its product line.

In this context, UPI 123PAY is also important. According to NPCI, UPI 123PAY is an instant payment system designed to enable feature-phone users to use UPI payment services safely. This demonstrates how India's UPI ecosystem was extended beyond smartphone-app-based payments to feature phone and low-connectivity users as well.

Remember the distinction: RuPay is a card payment network and UPI is a separate instant-payment system, whereas the question asks for the company that launched the relevant wearable ATM and offline UPI products, not the name of a payment network.