NPCI ties up with SBI Payments to launch ‘RuPay SoftPoS’ solution

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National Payments Corporation of India (NPCI) on March 5 announced that they have tied-up with SBI Payments to launch ‘RuPay SoftPoS’ for millions of Indian merchants.

Through the new move, NCPI is aiming to provide innovative solution to transform NFC-enabled smartphones into merchant Point of Sale (PoS) terminals for the retailers. By using this, the merchant would be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on their smartphones.

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The cost for using the RuPay SoftPoS to retailers will be nominal. Also, the mechanism, NPCI claims, will proliferate digital payment acceptance among millions of underserved Indian MSMEs. By downloading the app, merchants would now be able to convert their existing android smartphone devices into a payment terminal.

NPCI claims that the new app would revolutionise the way micro and small merchants receive payments. Apart from this, the app would help the merchants shift to accept secure, contactless digital payments instead of dealing with cash.

1) A merchant will first have to download the app on his/her Android smartphone.

2) To receive money, one has to choose the contactless menu and enter an appropriate amount.

3) The RuPay card can then be tapped on the merchant’s mobile for contactless transaction.

4) If the transaction gets approved, the receipt of successful transaction will be generated in real time.

5) NCMC cards and RuPay Tokenized Card on mobile can use the facility to make payments in a secure and time efficient manner.

"We are delighted to partner with SBI to launch the RuPay SoftPoS solution aimed at creating an innovative payment solution for Indian MSMEs which forms the backbone of our economy. It is our endeavour to ensure that 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 step in the right direction of financial inclusivity as RuPay SoftPoS can provide an impetus to the digital on-boarding of merchants across the length and breadth of the country," LiveMint quoted NPCI COO Praveena Rai as saying.