India, March 5 -- The National Payments Corporation of India (NPCI) has partnered with SBI Payments to launch a RuPay SoftPoS solution for India merchants. The solution turns NFC (near-field communication)-enabled smartphones into PoS terminals for retailers. With the solution, merchants will be able to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on their smartphones.

Merchants can convert their existing android smartphone devices into a payment terminal by downloading a supported app. Once the contactless menu is chosen, an appropriate amount can be entered (i.e under INR 5000). The RuPay card can then be tapped on the merchant's mobile completing the transactions instantaneously. As soon as the ...