To increase the usage of mobile technology, SBI is aiming to encourage merchants to accept digital payments. Over the next two years, SBI plans to deploy low-cost acceptance infrastructure across the country.
According to the press release, the launch is in line with RBI’s announcement of creating a Payments Infrastructure Development Fund to encourage acquirers to deploy POS infrastructure in an area with low card penetration. Following the launch, merchants will be able to turn their NFC-enabled Android smartphones into payment acceptance devices via a mobile app.
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