RBL Bank, Amazon Pay, and Amazon Web Services (AWS) have partnered together to deliver universal payments interface (UPI) payments, which will include peer-to-peer and peer-to-merchant transactions. Amazon Pay would grant RBL Bank a UPI ID with the handle @rapl from the National Payments Corporation of India (NPCI), resulting in a simplified payments experience using RBL Bank’s cloud-based processing infrastructure. With its AWS-hosted payment processing technology, RBL strengthens its footprint in the UPI arena, allowing the bank to interact with Amazon Pay’s growing client base and transaction volumes.
- PayNearby, an Indian banking and digital payments network, teamed up with Visa and RBL Bank in August to launch SoftPoS and mPOS for its 1.5 million+ shops.
- India’s lack of digital infrastructure has hampered merchant acceptance of digital payments, and the country’s population density of over 350 people per POS terminal is unusually high when compared to China and Brazil, which have POS of 20 and 10, respectively.
- In order to limit the danger of viral transmission, the COVID-19 pandemic has pushed the need for contactless payments.
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