NPCI, PayCore to enable RuPay SoftPoS technology across India

The 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 that is headquartered in Turkey to develop SoftPoS technology for its card network- RuPay.

As per a statement by NPCI, the novel technology can be unified into bank and aggregator acquiring systems to facilitate the acquisition of RuPay with the help of smartphones enabled with NFC solutions or add-ons.

NPCI claims that it is focusing on expanding the reach of RuPay SoftPOS among small, micro, and medium-sized organizations in various parts of the nation, with its network of banks along with PayCore. Notably, SoftPoS can help merchants use their NFC-enabled mobile phones as a point of sale machine to accept contactless payments.

A 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, PayCore, the company’s SoftPOS technology allows smartphones and tablets to be deployed as POS terminals without any additional devices. With this technology, the investment costs required by the banks to reach more than 63 million micro, small and medium-sized companies will considerably fall.    

In the past, PayCore had formed alliances with many Indian firms. Hitachi Payment, a leading digital payment entity in India, deploys the SoftPOS solution in its data center, while SBI Payment, the payment platform of the State Bank of India, is another of its major customer.   

Reportedly, in July 2020, NPCI introduced the RuPay business credit card that offered a 30-day credit period on business purchases, travel expenses, bill payments, rental payments, automated GST to suppliers, and online purchase of software to startups and SMEs.

To manage the increasing flow of digital payments, NPCI is seeking to revamp its technology infrastructure for all its payment platforms, including UPI, Aadhaar-enabled Payment System, IMPS, and 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