Mumbai: RuPay has entered a partnership with the RBL Bank in India and launched an innovative payment solution for the Indian merchants, called RuPay PoS, in association with PayNearby, the National Payments Corporation of India (NPCI) said.
This new RuPay PoS will convert any smartphone into a merchant Point of Sale (PoS) terminal for the retailers. The merchants will be able to accept contactless payments of up to Rs.5,000 from customers with a simple tap-and-pay mechanism on the customer’s NFC-enabled mobile phones.
Customers using or having tokenized their RuPay cards will be able to carry out contactless payments on their purchases, according to a press release.
The RuPay PoS will offer pocket-friendly acceptance infrastructure to the Indian retailers and will come at no additional capital cost. With the RuPay PoS, the local stores located even in the remotest areas will be able to process contactless payments on their smartphone.
As a pilot, the RuPay PoS will also enable offline transactions of RuPay NCMC (National Common Mobility Card), cementing its position as an easy acceptance infrastructure for both offline and online payments.
Transactions up to Rs. 2000 will not need any online authorization. It will make transactions easy and quick as an alternative to cash.
Pushpendra Sharma, Head, Digital Payments and Acquisition, RBL Bank, said, “With the launch of this innovative offering, we at RBL Bank look forward to deepening our geographical penetration and multiply our customer base.”
Anand Kumar Bajaj, Managing Director (MD) and Chief Executive Officer (CEO) of PayNearby, said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat” payment solution in the country.”
“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 them into the digital payments ecosystem,” said Nalin Bansal, Head of RuPay & NFS, NPCI.
RBL Bank, a leading private sector bank, serves 87.6 lakh customers via a network of 398 branches, 1,219 business correspondent branches of which 254 are banking outlets. The bank also offers 402 ATMs across the 28 states and Union Territories (UTs) in India.
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