SBI Payments partners with NPCI to launch ‘RuPay SoftPoS’ solution
By Leandra Monteiro
National Payments Corporation of India has partnered with SBI Payments to announce the launch of ‘RuPay SoftPoS’ for Indian merchants. This solution has the capability to transform NFC enabled smartphones into merchant Point of Sale (PoS) terminals for the retailers. Through this, merchants will be able to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on their smart phones.
RuPay SoftPoS will provide the acceptance infrastructure to retailers at a nominal cost. This would be able to increase digital payment acceptance among millions of Indian MSMEs. Merchants can convert their existing android smartphone devices into a payment terminal by simply downloading a supported app. This solution will change the way MSME merchants receive payments and create a demarcated shift in their tendency to deal in cash to accepting secure, contactless digital payments instead.
In the RuPay SoftPoS once an appropriate amount is entered (< INR 5000), the card can then be tapped on the merchant’s mobile making these transactions instantaneously. As soon as the transaction is approved, the receipt of successful transaction is generated real time. This facility can be used on NCMC cards and RuPay Tokenized Card on mobile wearables to make payments in a secure and time efficient manner.
Giri Kumar Nair, MD & CEO SBI Payments said, “SBI Payments is working closely with NPCI to support Government’s Digital India initiative enabling small and medium merchants in Semi Urban and Rural Centres. We are also enabling NCMC cards on our terminals to improve consumer experience and the RBI announcement allowing upto 5000 Rs txn thru tap and go facility has further enhanced our ability to reach out to wider number of merchant categories. There is also a special focus on North Eastern States onboarding merchants on asset light model enabling QR and tap on phone form factors.”
Praveena Rai, COO, NPCI said, “We are delighted to partner with SBI to launch the RuPay SoftPoS solution aimed at creating an innovative payment solution for Indian MSMEs which forms the backbone of our economy. It is our endeavour to ensure that merchants from various geographies of the nation are on boarded into the ecosystem in order to deepen the penetration of digital acceptance infrastructure in the country. It is our belief that this is a step in the right direction of financial inclusivity as RuPay SoftPoS can provide an impetus to the digital on-boarding of merchants across the length and breadth of the country.”
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