On March 05, 2021, National Payments Corporation of India (NPCI) partnered with SBI Payments to launch ‘RuPay SoftPoS’ to transform NFC enabled smartphones into Point of Sale (POS) terminals for the merchants and retailers.
Theme of the launch:
In order to support Digital India’s initiative of cashless digital transaction, NPCI has partnered with SBI Payments to launch a solution called ‘Rupay SoftPoS.
About ‘Rupay SoftPoS’ solution:
- It will convert the merchants and retailers NFC enabled smartphones into Point of Sale terminals
- Using this facility merchant were able to do digital payment and acceptance of up to INR 5000 through a simple ‘tap and pay’ mechanism via their smartphones.
Note: NFC- Near Field Communication is a set of communication protocols for communication between two electronic devices over a distance of 4 cm (11⁄2 in) or less and allows to quickly share various files with other mobile devices and make payments via services like Google Pay.
Merchants who are having android smartphones can download the supportive app and to choose contactless menu in the app and enter an appropriate amount less than INR 5000 after that the RuPay card can be tapped on the mobile to make transactions immediately.
How will the ‘Rupay SoftPoS’ solution work?
- As soon as the transaction is approved, the receipt will be generated for a successful transaction.
- This facility can be used on NCMC cards and RuPay Tokenized Cards.
Note: NCMC– National Common Mobility Card is an inter-operable transport card, used to pay for travel, toll duties (toll tax) , retail shopping, and withdraw money.
It is a secure, time efficient and user-friendly method for making payments.
Benefits of the ‘Rupay SoftPoS’:
It enables the millions of merchants in Semi Urban and Rural to experience the cost effective digital transaction and it also improves the digital infrastructure across the length and breadth of the country.
Recent Related news:
On February 20, 2021 SBI Payment Services Pvt. Ltd launched YONO Merchant App to expand the digitization of merchant payments in India. Through the app, merchants can turn their Near Field Communication (NFC)-enabled Android smartphones into payment acceptance devices.
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.
Headquarters – Mumbai, Maharashtra
MD & CEO -Dilip Asbe
About SBI Payments:
Chairman –Shri Swaminathan Janakiraman
MD & CEO -Giri Kumar Nair