NPCI Partners SBI Payments to launch “RuPay SoftPoS” for Merchants

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.

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