NPCI & SBI Payments to launch NFC Based ‘RuPay SoftPOS’ Systems
National Payments Corporation of India (NPCI) has partnered with SBI Payments to launch NFC based ‘Rupay SoftPOS‘ systems for merchants. This has the capability to transform NFC enabled smartphones into merchant point of sale (PoS) terminals for the retailers. Merchants can accept contactless payments up to Rs. 5000 through a simple tap and pay mechanism on their smart phones.
How does it work?
This teamwork of NPCI and SBI payments provides cost effective acceptance infrastructure retailers at a very nominal cost. Merchants can convert their existing android smartphone devices by downloading a supported app. The RuPay card can then be tapped on the merchant’s mobile making the transactions instantaneously.
Praveena Rai, COO of NPCI says, “It is our endeavour to ensure merchants from various geographies of the nation are on boarded into the ecosystem in order to deepen the penetration of digital acceptance infrastructure in the country. It is our belief that this is a big step in the right direction of financial inclusivity as NFC based RuPay SoftPOS can provide huge momentum to the digital on-boarding of merchants across the length and breadth of the country.”
What is SBI Payments?
SBI formed an exclusive JV named SBI Payments for merchant acquiring business. It enables them to accept payments across various form factors. It is one of the top acquirers of the country providing multiple payment solutions like Cards, QR Codes, and App based solutions including UPI P2M, YONO Sale & Cash, as well as Aadhar based BHIM_Aadhar-SBI solution.
National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India. It offers a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), National Electronic Toll Collection (NETC Fastag) and Bharat Billpay.
Do subscribe to our Telegram channel for more resources and discussions on technology law and news. To receive weekly updates, and a massive monthly roundup, don’t forget to subscribe to our Newsletter.
You can also follow us on Instagram, Facebook, LinkedIn, and Twitter for frequent updates and news flashes about #technologylaw.