Digital payments platform Paynear, on Thursday, announced the launch of an omni-channel cashless solution under one umbrella through a mobile point-of-sale (mPoS) solution.

The fintech company claimed it is the first mobile point-of-sale (mPoS) solution provider to launch National Payments Corporation of India’s unified payment interface (UPI) on mPoS.

This payment interface will not only make transactions easier but also facilitate micro-payments and person-to-person payments.

Prabhu R, Managing Director of Paynear, in a statement, said, “Paynear is the first mPoS service provider to launch UPI as a payment option to all its existing and new merchants. This enables all the merchants signed with Paynear to seamlessly accept UPI transactions, thus giving convenience to their customers to pay in a secure and simple manner.” With UPI set to be the next big revolution in the Indian fintech space, Paynear will step up efforts not only in enabling UPI as an option but also in educating the merchants on how to accept payments through UPI.

AP Hota, Managing Director & CEO, NPCI, said, “We congratulate Paynear for having brought out an innovative solution facilitating last mile issues.”

Customers would be able to instantaneously transfer money across different banks using a single identifier which will work as a virtual address and remove the need to exchange sensitive information, such as bank account numbers.

With this addition, all the 15,000-plus merchants of Paynear would be enabled with UPI, facilitating them to accept this payment option.

Established in 2013, Paynear, a fintech start-up working towards the country’s drive towards cashless economy, has deployed the solution in over 10,000 devices across 150-plus cities and towns.

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