NPCI onboards Turkish firm PayCore to develop softPoS solutions for RuPay

The National Payments Corporation of India (NPCI), the umbrella organization for retail payments in India, has onboarded PayCore, a global payments solutions company based out of Turkey, to develop SoftPoS solutions for its card network 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 said in a release on Monday.

The idea behind SoftPoS is merchants can use their NFC-enabled smartphones as point of sale (PoS) machines to accept contactless payments. SoftPoS is a revolutionary technology that allows merchants to accept card payments directly on their phones or devices without the need for any additional software.

“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.

Ali Kancal, 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.

PayCore has collaborated with Indian firms prior to this. Hitachi Payment, one of the largest digital payment companies in India, uses PayCore’s SoftPOS technology in its data center and SBI Payment, the payment solutions company of the State Bank of India is also among their customers.