Question : NPCI has recently(31 December 2020) announced that RuPay has partnered with ___ bank to launch an innovative payment solution for Indian merchants .Which bank has partnered with Rupay in association with PayNearby?
(a) RBL Bank
(b) Axis Bank
(c) CSB Bank
(d) None of the above
Answer:(a)
Related facts
- NPCI (National Payments Corporation of India) has recently (31 December 2020) announced that RuPay has partnered with RBL bank to launch an innovative payment solution for Indian merchants.
This is actually a tri party agreement. - The third party of this partnership is PayNearby.
About PayNearby
Nearby Technologies Pvt. Ltd. is a DIPP Certified Fintech Company registered under The Startup India program of Government of India, set up in April 2016 by a team of professionals with experience in Digital Banking & Payments industry.
The main points of the partnership are as follows —
- The introduction of RuPay PoS (Point of Sale) to digitally empower merchants by turning their smartphones into a PoS machine
- RuPay PoS will provide cost effective acceptance infrastructure to retailers at no additional capital cost.
- This unique phenomena will proliferate digital payments acceptance among millions of underserved Indian MSMEs
- RuPay PoS enables customers to perform ‘tap & go’ payments on merchant’s NFC enabled smartphone just by taping their RuPay cards on it
- As a pilot, RuPay PoS can also accept offline transactions of NCM (National Common Mobility) cards, a global first for RuPay acceptance, eliminating dependency on unstable internet connectivity.
About Rupay
RuPay is a international card payment service conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012.
By — Pankaj Pandey.