The Business Bytes
MUMBAI, DEC 31
National Payments Corporation of India (NPCI) today announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPayPoS in association with PayNearby.
The RuPayPoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to Rs 5000 through a simple ‘tap and pay’ mechanism on their NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.
RuPayPoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost.
This unique phenomenon would be able to proliferate digital payment acceptance among millions of underserved and tech shy Indian MSMEs.
“This initiative is aimed at transforming the digital payments landscape and democratizing access to secure and convenient modes of transaction… With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base,” said Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank.
Head of RuPay & NFS, NPCI Nalin Bansal said, “We believe this revolutionary mechanism of smartphone turning into a PoS machine will deepen the penetration of digital payments and strengthen the acceptance infrastructure in the country – thereby providing a seamless transaction experience for both merchants as well as customers.”
