RuPay SoftPoS aims at digitally enabling the merchants to turn their smartphones into a PoS machine
National Payments Corporation of India (NPCI) on Friday partnered with SBI Payments to announce the launch of ‘RuPay SoftPoS’ for millions of Indian merchants. This innovative solution has the capability to transform NFC enabled smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to ₹5000 through a simple tap and pay mechanism on their smartphones.
RuPay SoftPoS will provide cost effective acceptance infrastructure to retailers at nominal cost. This unique phenomenon would be able to proliferate digital payment acceptance among millions of underserved Indian MSMEs. Merchants can convert their existing android smartphone devices into a payment terminal by simply downloading a supported app. This solution will revolutionize 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.
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