RuPay, the international card payment service owned by the National Payments Corporation of India (NPCI), has partnered with private lender RBL Bank to launch ‘RuPay POS’ solution for merchants.
RuPay POS, which turns smartphones into point-of-sale (POS) terminals, has been launched in association with Indian hyperlocal fintech startup PayNearby.
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Indian retailers can now use their near-field communication (NFC) technology-enabled smartphones to accept contactless payments of up to INR5,000.
Customers can use their RuPay card, or tokenise the same, to pay for their daily expenses with a ‘tap and pay’ approach.
Launched as a pilot, RuPay POS comes at no additional cost, which will help boost digital payments acceptance among underserved and tech-shy micro, small and medium enterprises (MSMEs).
RuPay POS also accepts offline payments of RuPay National Common Mobility Card (NCMC). Transactions worth up to INR200 and less will not require online authorisation.
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By GlobalDataThis comes after NPCI, the umbrella organisation for all retail payments system in the country, enabled offline payments for RuPay contactless cards, last month.
RuPay & NFS, NPCI head Nalin Bansal 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.
“Apart from easy merchant onboarding into digital payments, this facility would benefit them in reducing the hassle of dealing with cash at the counter.”
To convert the android smartphones into a POS device, merchants just need to update their PayNearby app.
Last month, PayNearby collaborated with NPCI and Yes Bank to launch a retailer shopping card called PayNearby Shopping Card.
PayNearby MD and CEO Anand Bajaj said: “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.”
RBL Bank head of digital payments & acquiring Pushpendra Sharma said: “We are happy to partner with RuPay and PayNearby to offer the unique RuPay POS solution.
“With the launch of this innovative offering, we at RBL Bank look forward to deepening our geographical penetration and multiply our customer base.”
