PremiumMumbai: National Payments Corporation of India (NPCI) announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPay PoS in association with PayNearby. The RuPay PoS 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 ₹5,000 through a simple tap and pay mechanism on his NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.
RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost. With RuPay PoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.
Also Read | The march of 2020 in 10 key long reads
As a pilot, RuPay PoS can also accept offline transaction of RuPay NCMC, thus ensuring easy acceptance infrastructure for both online and offline card payments. Transactions of ₹200 and below will not require online authorisation, making these transactions as quick and easy as exchanging cash. This serves the dual purpose of eliminating internet dependency for micro payment processing and at the same time ensuring hassle-free shopping experience for customers.
Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, "With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base. We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India".
Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat" payment solution in the country."
Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are glad to associate with PayNearby, Paynext, Uvik and RBL Bank to facilitate the launch of the innovative RuPay PoS solution which will empower merchants across the country to onboard into digital payments ecosystem. It is our belief that this initiative will enable merchants and customers to be Atmanirbhar by reducing their dependency on cash and at the same time accelerate India’s journey towards a less-cash economy".
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 8.76 million customers through a network of 398 branches, 1,219 business correspondent branches (of which 254 banking outlets) and 402 ATMs spread across 28 Indian states and Union Territories.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
