NPCI, SBI Payments join hands to launch "RuPay SoftPoS" for merchants

It will enable the merchants to turn their smartphones into a PoS machine

Merchants will now be able to use their near-field communication (NFC)-enabled smartphones as point of sale (PoS) terminals to accept payment up to Rs 5,000 through a simple tap and pay mechanism.

National Payments Corporation of India, the umbrella entity for digital payments in India, and SBI Payments have partnered to launch “RuPay SoftPoS”, which is expected to provide seamless, cost-effective acceptance infrastructure to retailers at a nominal cost, and help deepen the digital payment acceptance among millions of underserved Indian MSMEs.

“Merchants can convert their existing android smartphone devices into a payment terminal by simply downloading a supported app. This solution will revolutionise the way micro and small merchants receive payments and create a demarcated shift in their tendency to deal in cash to accepting secure, contactless digital payments instead,” NPCI said.