RuPay and RBL had partnered to launch ‘RuPay PoS’ in association with PayNearby. This would allow merchants to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on NFC enabled smartphones. The unique PoS solution would evolve a less-cash economy with secure and convenient modes of transaction. CEO of PayNearby Anand Kumar Bajaj said that this would create an equal Digital India by bridging the digital divide among masses.
In a move to provide alternatives to Visa and Mastercard, the NPCI has planned to take RuPay and UPI to a global level, transforming these homegrown digital payment services to regional networks. NPCI has set up a subsidiary – NPIL – for this purpose and has appointed former Mastercard exec Ritesh Shukla as its CEO. This will be done by helping other countries develop their domestic networks and then collaborating them to enable cross-border payments.