National Payments Corporation of India (NPCI), which runs UPI service in India, has joined hands with Turkey’s global payment solutions company – PayCore as one of the certified partners for RuPay SoftPOS, to propel cashless payments across the country. The collaboration will pave way for millions of merchants to convert their NFC-enabled smartphones into a POS machine to accept contactless payments through RuPay SoftPOS.
“This solution can be integrated into bank or aggregator acquiring systems to enable acquiring of RuPay using mobile phones enabled with NFC capability or add-ons,” NPCI said in a release on Monday.
Under this association, NPCI has authorised the SoftPOS solution developed by PayCore for RuPay. This solution can be integrated into bank or aggregator acquiring systems to enable acquiring of RuPay using mobile phones enabled with NFC capability or add-ons. The digital payment authroity looks to widen the reach of RuPay SoftPOS among micro, small and medium-sized businesses in different parts of the country, with its network of banks along with PayCore.
“NPCI aims at widening the spread of RuPay SoftPOS among micro, small and medium-sized businesses in different parts of the country, with its network of banks along with PayCore,” it said.
RuPay SoftPOS enables merchants to accept payments securely without any hassle from contactless cards, mobile wallets, and wearables just with their mobile phones.
Ali Kancal, CEO of PayCore commented, “We are very proud to cooperate with NPCI and support their goal of creating a cashless digital society in India. One of our main objectives with SoftPOS is to provide cutting-edge innovative technologies for inexpensive contactless payment solutions globally. With PayCore’s SoftPOS solution, which enables smartphones and tablets to be used as POS terminals without any additional devices, the investment costs required by banks to reach over 63 million micro-, small- and medium-sized businesses will be significantly reduced.”
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Nalin Bansal, Chief of Fintechs, Corporates & New Initiatives, NPCI said, “We are excited to work with a global player like PayCore to accelerate the growth of the digital economy through the launch of innovative acceptance solutions within domestic as well as international markets catering to NPCI products. The launch of RuPay SoftPoS solution is aimed at supporting small merchants which form the backbone of our economy and is one of many in the series of launches starting with its open-loop transit program in 2017.”
