RuPay, RBL Bank roll out RuPay PoS in collaboration with PayNearby
By Megha Bhattacharya
National Payments Corporation of India (NPCI) today announced the partnership between RuPay and RBL Bank. The collaboration will facilitate the launch of RuPay PoS, a payment solution for Indian merchants, in association with PayNearby.
The companies stated that the new payment solution is expected to make smartphones work as merchant Point of Sale terminals for the retailers. NFC-enabled mobile phones will enable merchants to accept contactless payments, upto INR 5000, via tap and pay mechanism. Customers can make purchases using RuPay cards or have tokenized their RuPay Cards.
Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, “We are happy to partner with RuPay and PayNearby to offer the unique RuPay PoS solution. This initiative is aimed at transforming the digital payments landscape and democratizing access to secure and convenient modes of transaction. With the proliferation of smartphones and last mile penetration of the RuPay network, we believe accepting digital payments will become simple and cost-efficient for millions of merchants and consumers across the country.”
According to RuPay, the new payment solution can also accept offline transaction of RuPay NCMC. Transactions of Rs. 200 and below will not require an online authorization, making these transactions as quick and easy as exchanging cash.
RuPay PoS aims to offer a cost-effective acceptance infrastructure to retailers at no additional capital cost. Merchants can convert their android smartphone into a payment acceptance terminal by simply updating their PayNearby app.
Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat” payment solution in the country. Through RuPay PoS, we wish to build an ecosystem by adding the number of acceptance points for easy and fast digital payments. This cost-effective solution is targeted towards the 30 million+ small and medium merchants in the country and empower them with simple contactless payment solutions for their customers. This is how we will bridge the digital divide among the masses and create an equal Digital India”.
Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are glad to associate with PayNearby, Paynext, Uvik and RBL Bank to facilitate the launch of the innovative RuPay PoS solution which will empower merchants across the country to onboard into digital payments ecosystem. We believe this revolutionary mechanism of smartphone turning into a PoS machine will deepen the penetration of digital payments and strengthen the acceptance infrastructure in the country – thereby providing a seamless transaction experience for both merchants as well as customers. Apart from easy merchant onboarding into digital payments, this facility would benefit them in reducing the hassle of dealing with cash at the counter. It is our belief that this initiative will enable 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”.
IBSi Daily News Analysis
September 22, 2023
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