RuPay has joined hands with RBL Bank to launch an innovative payment solution for Indian merchants known as RuPay PoS, announced by the National Payments Corporation of India (NPCI). This is launched in association with PayNearby. For retailers, the RuPay PoS will transform smartphones into merchant Point of Sale (PoS) terminals. On NFC enabled mobile phones, merchants will be able to accept contactless payments of up to ₹5,000 through a single tap. Customers can do contactless payments for their regular payments through RuPay cards or tokenized RuPay cards. Without any extra charges, RuPay will provide a cost-effective acceptance infrastructure. Any local stores in the remote areas will be able to process a contactless payment with RuPay PoS.
RuPay PoS can also be made available for the offline transaction of RuPay NCMC, which will help in easy acceptance of infrastructure both online and offline card payments. To make transactions of 200 and below as quick as easy as exchanging cash will not require any online authorization. This will provide dual services of eliminating internet dependency for micropayment processing and also ensuring an uncomplicated shopping experience for their customers. Puspendra Sharma, Head Digital Payments and Acquiring of RBL said that this launch will help RBL bank to deepen their presence and geographical penetration to increasing their customers. They are confident that this kind of innovation helps to the evolution less-cash economy in India, he added. Anand Kumar Bajaj, MD & CEO, PayNearby said that they aim to become the digital payment enabler to lead the “Atmanirbhar Bharat” payment solution in the country.”
Nalin Bansal, Head of RuPay & NFS, NPCI said that they are glad to launch the innovative RuPay PoS in association with PayNearby, Paynext, Uvik, and RBL Bank. This will facilitate the solution which will help the merchants across the country to onboard into the digital payments ecosystem. They believe that this initiative pays the path for 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 has 398 branches with over 8.76 million customers, 1,219 business correspondent branches of which 254 are banking outlets, and 402 ATMs spread across 28 Indian states and Union Territories.