PayNearby partners with Visa and RBL Bank to launch SoftPoS and mPOS

PayNearby has partnered with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ retail network. 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.

Anand Kumar Bajaj, founder, MD and CEO, PayNearby said: “We are extremely honored to partner with RBL Bank and Visa in these initiatives. Our partners bring with them demonstrated expertise in banking and digital payment products and lend credence and proficiency to the offering. We also thank PayNext and Uvik for joining us in this journey.”

While SoftPoS allows merchants to accept contactless payments of up to Rs 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.

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.”

With the SoftPoS and mPOS offering, PayNearby aims to address the national challenge of inadequate payments infrastructure and eliminate barriers to seamless digital adoption, said a statement from the company. On the acceptance side, merchants do not have to spend a lot of money to lay down the foundation of digital acceptance and expand their customer base and sales. With SoftPoS, the ubiquitous smartphone can be converted into a digital acceptance device.

Shailesh Paul, head of merchant sales and 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.”