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National Payments Corporation of India (NPCI) has partnered with SBI Payments to bring RuPay SoftPoS to millions of India-based merchants.
According to Mint, the solution transforms NFC enabled smartphones into point-of-sale terminals, enabling merchants to accept contactless payments through a simple tap and pay mechanism on their smartphones.
Therefore, RuPay SoftPoS will provide cost effective acceptance infrastructure to retailers at nominal cost, while offering digital payment acceptance among millions of underserved Indian MSMEs.
Furthermore, to benefit from the solution and convert their existing android smartphone devices into a payment terminal, merchants have to simply download a supported app.
Overall, the solution aims to improve the way micro and small merchants receive payments and create a shift to accepting secure, contactless digital payments instead of cash, Mint reported
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