RuPay ties up with RBL Bank to offer RuPay PoS for retailers

National Payments Corporation of India (NPCI) has declared that RuPay has joined hands with RBL Bank to come up with an innovative payment solution for Indian merchants, RuPay PoS in association with PayNearby.

Nalin Bansal, Head of RuPay & NFS, NPCI 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. 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".

The RuPay POS will convert smartphones into merchants Point of Sale (PoS) terminals for retailers. With this merchants can accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.

RuPay PoS will offer retailers a cost effective acceptance infrastructure with no additional capital cost. With RuPay PoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.

As a pilot, RuPay PoS can also accept offline transaction of RuPay NCMC, thus ensuring easy acceptance infrastructure for both online and offline card payments. Transactions of ₹200 and below will not require online authorisation, making these transactions as quick and easy as exchanging cash. This serves the dual purpose of eliminating internet dependency for micro payment processing and at the same time ensuring hassle-free shopping experience for customers.

Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, "With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base. We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India".

Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat" payment solution in the country."