RuPay partners with RBL Bank to launch ‘RuPayPoS’
RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPayPoS in association with PayNearby. The RuPayPoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers.
National Payments Corporation of India (NPCI) announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPayPoS in association with PayNearby. The RuPayPoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to ₹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.
RuPayPoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost. With RuPayPoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.As a pilot, RuPayPoS 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 RuPayPoS 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."
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 RuPayPoS 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".RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 8.76 million customers through a network of 398 branches, 1,219 business correspondent branches (of which 254 banking outlets) and 402 ATMs spread across 28 Indian states and Union Territories.
RBL Bank Ltd is an India-based bank. Its segments include Corporate and Institutional Banking (C&IB), Commercial Banking (CB), Branch and Business Banking (BBB), Retail Assets, Development Banking and Financial Inclusion (DB&FI), Treasury and Financial Markets Operations. C&IB products and services include various fund-based and non-fund-based products, including liability products, loan products, cash management and treasury risk management. CB segment finances the business requirements of small and medium enterprises. BBB segment's services include savings account, current account, fixed deposits and nonresident Indian (NRI) banking. Retail Assets segment offers retail loans, digital lending, credit card, retail agribusiness, commodity and warehouse receipt finance, and farm mechanization. DB&FI segment's products include wholesale loans, term loans, asset finance, securitization, agriculture investment loans, life insurances, general insurances and credit line micro insurances.