National Payments Corporation of India (NPCI) said it has onboarded Turkey’s global payment solutions company PayCore as one of the certified partners for RuPay SoftPoS, to drive cashless payments across the country. Millions of merchants now can convert their NFC-enabled smartphones into a POS machine to accept contactless payments through RuPay SoftPOS. Under the arrangement, NPCI has authorized 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. 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. RuPay SoftPOS enables merchants to accept payments securely without any hassle from contactless cards, mobile wallets, and wearables just with their mobile phones. Nalin Bansal, Chief of Fintechs, Corporates & New Initiatives, NPCI said the launch of RuPay SoftPoS solution is aimed at supporting small merchants which form the backbone of India’s economy and is one of many in the series of launches starting with its open-loop transit program in 2017. The RuPay SoftPoS will not only help merchants seamlessly manage their business transactions but also reduce the hassle of handling cash by accepting multiple payment modes including QR-based payment solutions over UPI, he added. Ali Kançal, CEO of PayCore, said 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.
