On August 16, 2021, PayNearby collaborated with Visa and RBL Bank (formerly Ratnakar Bank) to launch SoftPoS and mPoS for its over 1.5 million retail network. With this, as per PayNearby, it becomes the first company to launch an all-inclusive digital package for retailers.
- SoftPoS allows merchants to accept contactless payments of up to Rs 5,000 through tap and pay mechanism on NFC (Near Field Communication)-enabled smartphones,
- mPOS (mobile point of sale) machine allows easy acceptance of cards.
Key Points:
i.The reason behind the above launches is to expand the number of acceptance points for easy and fast digital payments.
ii.PayNearby upgraded digital payment package supports QR (Quick Response) code payment, UPI (Unified Payments Interface) payment, Aadhaar Pay, SMS (Short Messaging Service) payment, and card payment through mobile tokenization.
iii.The 2-in-1 micro ATM + mPOS machine drives value at very affordable pricing and allows easy acceptance of debit and credit card payments.
iv.Offer merchants, an all-inclusive digital payment hub that ensures easy acceptance across different form factors and simplifies both merchant and customer experience.
Recent Related News:
PayNearby, India’s largest Hyperlocal fintech startup, in collaboration with IndiaFirst Life Insurance Company Limited, launched first of its kind, a cost-effective, 3-in-1 insurance solution named ‘Poorna Suraksha’ to safeguard its 15+ lakh Retail Partners during the COVID-19 and beyond.
About PayNearby Technologies Pvt. Ltd(PayNearby):
It is a Department for Promotion of Industry and Internal Trade (DPIIT) Certified Fintech Company registered under The Startup India program of the Government of India
Establishment– April 2016
Headquarters– Mumbai, Maharashtra
Founder & Chief Executive Officer (CEO)– Anand Kumar Bajaj
