On May 24, 2021, The National Payments Corporation of India (NPCI), has onboarded PayCore, Turkey’s global payment solutions company as one of the certified partners for ‘RuPay SoftPOS’ to drive cashless payments across the country.
Objective: Along with PayCore, NPCI aims to reduce the investment cost required by banks to reach over the MSMEs (Micro, Small and Medium Enterprises) and intents to increase the spread of ‘RuPay SoftPOS’ across India with its network of banks.
About Rupay SoftPoS:
On March 05, 2021, NPCI partnered with SBI Payments and launched ‘RuPay SoftPoS’ to transform NFC enabled smartphones into Point of Sale (POS) terminals for the merchants and retailers. Click here to know more
Key points:
i.Under the partnership, NPCI has authorised the PayCore’s SoftPOS solution for RuPay, which will enable smartphones and tablets to be used as POS terminals without any additional devices.
ii.Using SoftPoS merchants can use their Near Field Communication(NFC)-enabled smartphones as PoS machines to accept contactless payments.
iii.RuPay SoftPOS enables merchants to accept payments securely from contactless cards, mobile wallets, wearables, and QR-based payment solutions over Unified Payments Interface (UPI).
Note – PayCore’s SoftPOS technology is also used by Hitachi Payment and SBI Payment
Recent Related News:
NPCI has framed a new rule that limit digital payment apps’ share in the overall volume of transactions on the unified payment interface (UPI) at 30 per cent in a bid to end the monopoly of Big Tech firms on the growing payments market in India.
About National Payments Corporation of India (NPCI):
It is an organisation for operating retail payments and settlement systems in India, it is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment & Settlement Infrastructure in India.
Establishment – 2008
Headquarters – Mumbai, Maharashtra
MD & CEO -Dilip Asbe
