PayNearby, India’s branchless banking and digital payments network, has partnered with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ retail network. With the addition of these options, PayNearby becomes the first company to launch an all-inclusive digital package for retailers that is form factor agnostic and provides a wide choice to end consumers. PayNearby’s upgraded digital payment package now supports QR code payment, UPI payment, Aadhaar Pay, SMS payment, Card payment (debit/credit/contactless) and payment through mobile tokenization.
While SoftPoS allows merchants to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on NFC-enabled smartphones, PayNearby’s 2-in-1 Micro ATM + MPOS machine allows easy acceptance of debit/credit cards at the last mile. Customers can use any physical card (debit/credit/contactless) or mobile with tokenization and pay easily by using the above options. Aiding PayNearby in this initiative is processing partner, PayNext and SoftPoS solution partner, Uvik.
Commenting on the occasion, Mr Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “Through our SoftPoS and mPOS solutions, in partnership with Visa and RBL Bank, we wish to build an ecosystem by adding to the number of acceptance points for easy and fast digital payments. In the wake of COVID, this is vital for both our retail partners and their consumers. Along with our existing solutions, introduction of SoftPoS and mPOS to our product portfolio enables us to offer a complete digital payment solution to Bharat. We are confident that the addition of SoftPoS to the JAM (Jan-Aadhaar- Mobile) trinity graduates Bharat to JAMS (Jan-Aadhaar-Mobile-SoftPoS), which will pave the way for a digital economy, and provide stimulus to communities at the grass root level. This will make ‘Digital India’ a closer reality, even at the remotest locations in Bharat.”
Mr Rajeev Ahuja, Executive Director RBL Bank said, “Payment platforms have been disrupted the most owing to the ever-evolving preferences in the financial ecosystem. We are delighted to partner with PayNearby to build and offer an innovative and secure payment solutions for the Indian MSMEs, the backbone of our economy. With this association, we look forward to empower the customers and retailers with a simple and seamless digital platform. It enables us to onboard merchants from various geographies and deepen the penetration of digital infrastructure in the country.”
Mr Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said “As the country opens up slowly, it is critical to focus on the recovery of small merchants, the backbone of our economy. This sizeable segment has lagged in accepting digital payments due to notions of cost and infrastructure. We’re delighted to partner with PayNearby to bring solutions like SoftPoS to merchants, and enable low cost, safe and simple Tap to Phone payments across the country at scale. Visa has committed to empowering and digitizing small businesses worldwide and in India, and partnering with fintechs like PayNearby is a definite step towards achieving that objective.”
The introduction of RuPay PoS to digitally empower merchants by turning their smartphones into a PoS machine
National Payments Corporation of India (NPCI) announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPay PoS in association with PayNearby. The RuPay PoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on his NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.
RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost. This unique phenomena would be able to proliferate digital payment acceptance among millions of underserved and tech shy Indian MSMEs. Merchants can convert their android smartphone into a payment acceptance terminal by simply updating their PayNearby app. With RuPay PoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.
As a pilot, RuPay PoS can also accept offline transaction of RuPay NCMC, thus ensuring easy acceptance infrastructure for both online and offline card payments. Transactions of Rs. 200 and below will not require online authorization, making these transactions as quick and easy as exchanging cash. This serves the dual purpose of eliminating internet dependency for micro payment processing and at the same time ensuring hassle-free shopping experience for customers.
Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, “We are happy to partner with RuPay and PayNearby to offer the unique RuPay PoS solution. This initiative is aimed at transforming the digital payments landscape and democratizing access to secure and convenient modes of transaction. With the proliferation of smartphones and last mile penetration of the RuPay network, we believe accepting digital payments will become simple and cost-efficient for millions of merchants and consumers across the country. With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base. We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India”.
Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat” payment solution in the country. Through RuPay PoS, we wish to build an ecosystem by adding the number of acceptance points for easy and fast digital payments. This cost effective solution is targeted towards the 30 million+ small and medium merchants in the country and empower them with simple contactless payment solutions for their customers. We look forward to empowering our retailers and consumers by blending easy-to-use digital technology with last-mile connectivity. This is how we will bridge the digital divide among the masses and create an equal Digital India”.
Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are glad to associate with PayNearby, Paynext, Uvik and RBL Bank to facilitate the launch of the innovative RuPay PoS solution which will empower merchants across the country to onboard into digital payments ecosystem. We believe this revolutionary mechanism of smartphone turning into a PoS machine will deepen the penetration of digital payments and strengthen the acceptance infrastructure in the country – thereby providing a seamless transaction experience for both merchants as well as customers. Apart from easy merchant onboarding into digital payments, this facility would benefit them in reducing the hassle of dealing with cash at the counter. It is our belief that this initiative will enable merchants and customers to be Atmanirbhar by reducing their dependency on cash and at the same time accelerate India’s journey towards a less-cash economy”.
Mumbai: National Payments Corporation of India (NPCI) announced that RuPay has partnered with RBL Bank to launch an innovative payment solution for Indian merchants – RuPay PoS in association with PayNearby. The RuPay PoS will transform smartphones into merchant Point of Sale (PoS) terminals for the retailers. Merchants will now be able to accept contactless payments of up to ₹5,000 through a simple tap and pay mechanism on his NFC enabled mobile phones. Customers using RuPay cards or have tokenized their RuPay Cards, can carry out contactless payments for their regular purchases.
RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost. With RuPay PoS, nearby local stores even in the remotest areas will now be able to process contactless payments on their smartphone.
As a pilot, RuPay PoS can also accept offline transaction of RuPay NCMC, thus ensuring easy acceptance infrastructure for both online and offline card payments. Transactions of ₹200 and below will not require online authorisation, making these transactions as quick and easy as exchanging cash. This serves the dual purpose of eliminating internet dependency for micro payment processing and at the same time ensuring hassle-free shopping experience for customers.
Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, "With the launch of this innovative offering, we at RBL Bank look forward to deepen our geographical penetration and multiply our customer base. We are confident that with innovations like RuPay PoS will definitely lead to the evolution of a less-cash economy in India".
Anand Kumar Bajaj, MD & CEO, PayNearby said, “PayNearby aims to become the digital payments enabler to lead “Atmanirbhar Bharat" payment solution in the country."
Nalin Bansal, Head of RuPay & NFS, NPCI said, “We are glad to associate with PayNearby, Paynext, Uvik and RBL Bank to facilitate the launch of the innovative RuPay PoS solution which will empower merchants across the country to onboard into digital payments ecosystem. It is our belief that this initiative will enable merchants and customers to be Atmanirbhar by reducing their dependency on cash and at the same time accelerate India’s journey towards a less-cash economy".
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 8.76 million customers through a network of 398 branches, 1,219 business correspondent branches (of which 254 banking outlets) and 402 ATMs spread across 28 Indian states and Union Territories.
Indian payments technology firm Uvik specializes in mobile payment solutions. Its SoftPOS solution can turn Android phones with contactless technology into payments terminals without additional hardware. Both local and global banks are working to adopt the solution to reduce costs and drive financial inclusion for small and medium retailers.
Uvik needed to meet the new and evolving SoftPOS guidelines of multiple major payment schemes, Mastercard, Visa and RuPay. Achieving certification as part of a pilot program means that the requirements are not only extremely new in the industry, but also still evolving. This meant it needed a partner to guide it through the vital steps of pre-validation and certification, while keeping up with the latest developments.
This project was an important step in our journey. Previously it has been difficult for small merchants in India to accept digital payments due to high costs. We aim to change this with our SoftPOS solution. As our well-established partner, we trusted Fime to help us achieve this important certification.
Uvik needed to validate the functionality and security of its SoftPOS with PIN entry solution. The solution allows Android smartphones to accept contactless card and mobile payments, both above and below the CVM limit. A partner like Fime was essential to help ensure that its solution met the relevant Mastercard, Visa and RuPay requirements.
As the first Tap on Phone with PIN solution validated in India, the project was certified using a pilot scheme. Therefore, Uvik required an agile and flexible partner that could work in parallel with the constantly changing standards.
Fime’s end-to-end support led Uvik through the functionality and security certification process. This included:
Understanding and navigating the requirements of international and domestic schemes.
Ensuring its solution met the relevant functionality requirements of the SoftPOS pilot certification programs. This involved checking that Uvik’s solution met the necessary performance and handset compatibility standards.
Confirming it was aligned with the relevant security requirements. This encompassed pre-certification security support, as well as official security evaluation via Fime’s trusted partner, Riscure.
Advised on best practices for contactless technology using its expertise from previous projects.
Utilized its well-established connections in the payments industry to connect Uvik to the relevant stakeholders required to complete the project.
Used its extensive knowledge of the payment system requirements to guide Uvik through the new and complex certification processes from start to finish.