On December 31, 2020, the international card payment service RuPay partnered with RBL Bank to launch an innovative payment solution for Indian merchants “RuPay PoS” in association with PayNearby. The announcement for the same was made by National Payments Corporation of India (NPCI).
- This collaboration will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers enabling the latter to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his Near Field Communication (NFC) enabled mobile phones.
- The biggest benefit of this solution is that the tech-shy Indian Micro, Small & Medium Enterprises (MSMEs) or local stores even in the remotest areas will now be able to process contactless payments on their smartphone.
Key Points:
–Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.
–This payment solution requires no additional cost, hence, it will be a cost effective acceptance infrastructure to retailers.
–The smartphones can be converted into payment acceptance terminals by updating the PayNearby app.
–As a pilot process, RuPay PoS also can also accept offline transactions of RuPay National Common Mobility Card(NCMC) of Rs. 200 and below.
- This will eliminate internet dependency for micropayment processing and also ensure hassle-free shopping experience for customers.
–RuPay PoS enables customers to perform ‘tap & go’ payments on merchant’s NFC enabled smartphones just by tapping their RuPay cards on it.
Recent Related News:
i.On October 26, 2020 In order to cheer the customers in a new way this festive season, the National Payments Corporation of India (NPCI) launched, ‘RuPay Festive Carnival’, a flagship campaign for RuPay users. The RuPay users with this launch can enjoy compelling benefits and attractive discounts on products of various categories.
ii.On November 20, 2020 Prime Minister (PM) Narendra Modi and Bhutan Prime Minister Lotay Tshering jointly e-launched RuPay card Phase-II which will allow Bhutanese card holders to access RuPay network in India. Through this initiative, Bhutanese people can access around one lakh ATMs (Automated Teller Machines) and 20 Lakh Point-of-Sale terminals (PoS) across India.
About RBL Bank:
Managing Director (MD) & Chief Executive Officer (CEO)– Vishwavir Ahuja
Headquarter– Mumbai, Maharashtra
Tagline– Apno Ka Bank
Chatbot– RBL Cares
About Nearby Technologies Pvt. Ltd.:
Establishment– 2016
Managing Director (MD) & Chief Executive Officer (CEO)– Anand Kumar Bajaj
Headquarter– Mumbai, Maharashtra
