National Payments Corporation of India (NPCI) and SBI Payments have partnered to launch “RuPay SoftPoS” for Indian merchants. The RuPay SoftPoS solution will provide a cost-effective acceptance infrastructure to retailers at a nominal cost. This innovative solution has the capability to transform NFC enabled smartphones into merchant Point of Sale (PoS) terminals for the retailers.
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About the RuPay SoftPoS:
- RuPay SoftPoS is expected to provide seamless, cost-effective acceptance infrastructure to retailers at a nominal cost, and help deepen the digital payment acceptance among millions of underserved Indian MSMEs.
- RuPay SoftPoS will enable merchants to use their near-field communication (NFC)-enabled smartphones as the point of sale (PoS) terminals and accept payment up to Rs 5,000 through a simple tap and pay mechanism.
- Merchants can convert their existing android smartphone devices into a payment terminal by simply downloading a supported app.
- This solution will revolutionise the way micro and small merchants receive payments and create a demarcated shift in their tendency to deal in cash to accepting secure, contactless digital payments instead.
Important takeaways for all competitive exams:
- National Payments Corporation of India MD & CEO: Dilip Asbe.
- National Payments Corporation of India Headquarters: Mumbai.
- National Payments Corporation of India Founded: 2008.