NPCI partners with PayCore to help merchants convert smartphones into POS machines

NPCI partners with PayCore to help merchants convert smartphones into POS machines
Photo Credit: Pexels
24 May, 2021

The National Payments Corporation of India (NPCI) on Monday announced that it had onboarded Turkish payments solutions company PayCore, as one of the certified partners for RuPay SoftPOS. This will enabled millions of merchants to convert their near-field-communication or NFC-enabled smartphones into a point-of-sale (POS) machine to accept contactless payments through RuPay SoftPOS. 

The software will allow merchants to accept payments for different cashless modes such as contactless cards, mobile wallets, and wearables just with their mobile phones. The solution can also be integrated into bank or aggregators looking for systems to enable acquiring of RuPay using mobile phones with NFC capability or add-ons. 

NPCI aims to expand the reach of RuPay SoftPOS among micro, small and medium-sized businesses in different parts of the country, with its network of banks along with PayCore. 

“One of our main objectives with SoftPOS is to provide cutting-edge innovative technologies for inexpensive contactless payment solutions globally. 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,” Ali Kançal, CEO of PayCore, said in a statement. 

He added, “India has an enormous economy where we have already invested before and have extensive market insight. 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 our customers. Now, with our collaboration with NPCI, we will reach more businesses in the country and introduce them to digital payments with a higher return on investment for all stakeholders." 

Meanwhile, NPCI is also looking to expand its presence and strengthen its position in the international markets through its UPI payment product.