- RuPay and RBL Bank partners up to bring innovative terminals for retailers
- RuPay PoS has been launched by RuPay and RBL Bank which will turn smartphones into PoS terminals
- RuPay PoS will offer cost-effective acceptance infrastructure to retailers and will come at no additional capital cost
The National Payments Corporation of India (NPCI) has announced that RuPay has entered a partnership with the RBL Bank in India and has launched an innovative payment solution for the Indian merchants called RuPay PoS which will be in association with the PayNearby.
This new RuPay PoS will convert any smartphone into a merchant Point of Sale (PoS) terminal for the retailers and the merchants will be able to accept contactless payments from customers of up to ₹ 5,000 with a simple tap and pay mechanism on the customer’s NFC enabled mobile phones.
All the customers who are using RuPay cards or have tokenized their RuPay Cards will be able to carry out the contactless payments on their purchases.
The RuPay PoS will offer pocket-friendly acceptance infrastructure to the Indian retailers and will come at no additional capital cost. With the RuPay PoS, the nearby local stores which are located even in the remotest areas will be able to process contactless payments on their smartphone.
As a pilot, the RuPay PoS will also be able to offline transactions of RuPay NCMC (National Common Mobility Card) which further cements its position as easy acceptance infrastructure for both offline and online car payments.
All the transactions which are of ₹ 2000 or below will not need any online authorisation which makes these transactions not just easy but also quick as an alternative of cash.
This feature serves two purposes, first is the dependency on Internet for the processing of the micro payments and secondly, this also makes sure that customers get hassle-free shopping experience.
RBL Bank’s Head Digital Payments and Acquiring, Pushpendra Sharma, said, “With the launch of this innovative offering, we at RBL Bank look forward to deepening our geographical penetration and multiply our customer base.”
He added, “We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India”.
Managing Director (MD) and Chief Executive Officer (CEO) of PayNearby, Anand Kumar Bajaj, said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat” payment solution in the country.”
“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,” said Nalin Bansal who is the Head of RuPay & NFS, NPCI.
Bansal added, “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”.
RBL Bank is amongst the fastest growing private sector bank in the country and is expanding its presence across the national borders. As of now, the bank serves 8.76 million or 87.6 lakh customers via a network of 398 branches, 1,219 business correspondent branches of which 254 are banking outlets and the bank also offer 402 ATMs across the 28 states, and Union Territories (UTs) in India.