Technology will help merchants accept contactless payment through their smartphones

The National Payments Corporation of India or NPCI, the umbrella organization for operating retail payments across India, has partnered with PayCore – a global payments solution entity headquartered in Turkey to develop the SoftPoS technology for its card network – RuPay.

According to a statement from NPCI, the new technology can be unified in acquisition systems of banks and aggregators to facilitate the acquisition of RuPay using smartphones compatible with NFC solutions or add-ons.

NPCI says it is focused on expanding the reach of RuPay SoftPOS among small, micro and medium organizations in various regions of the country, with its network of banks and PayCore. In particular, SoftPoS can help merchants use their NFC-enabled mobile phones as a point of sale to accept contactless payments.

Revolutionary technology, SoftPoS allows merchants to accept card payments directly on their smartphones or devices, eliminating the need for any additional software.

According to Ali Kancal, CEO of PayCore, the company’s SoftPOS technology enables smartphones and tablets to be deployed as point-of-sale terminals without any additional devices. With this technology, the investment costs required by banks to reach over 63 million micro, small and medium enterprises will drop significantly.

In the past, PayCore had formed alliances with many Indian companies. Hitachi Payment, one of the leading digital payment entities in India, is deploying the SoftPOS solution in its data center, while SBI Payment, the payment platform of the State Bank of India, is another of its main customers.

According to some sources, in July 2020, the NPCI introduced the RuPay business credit card which offered a 30-day credit period on business purchases, travel expenses, bill payments, lease payments, automated vendor GST, and online software purchases for startups and SMBs.

To handle the growing flow of digital payments, NPCI is looking to revamp its technology infrastructure for all of its payment platforms, including UPI, the Aadhaar compatible payment system, IMPS and the National Automated Clearing House.

Source credit: https://www.business-standard.com/article/companies/npci-onboards-turkish-firm-paycore-to-develop-softpos-solutions-for-rupay-121052400566_1.html