Pioneering in India, Reliance Retail the subsidiary company of Reliance Industries has proclaimed that it will hold up Unified Payment Interface (UPI) based payments in its whole retail chain in the country.
The company in a press release stated that UPI-based payment services have been facilitated at over 200 stores across the country. The facility is expected to roll out crosswise the country in a progressive style. The service architect is Innoviti Payment Solution and is supported by Axis Bank.
Referring to the rollout, Mr. A. P. Hota, MD & CEO, NPCI said, “As part of NPCI’s overall mission to encourage faster adoption of cashless payments in retail, the current rollout opens the path to extending UPI payment acceptance to potentially all the card accepting merchants in India. With the fast growing popularity of UPI-payment apps like NPCI’s BHIM app which has seen close to 20 million downloads, this initiative will increase UPI payment acceptance points in retail stores. It is expected to play a vital role in driving a more cashless future.”
How does it works- The QR-code based solution executed by Reliance Retail uses handy credit/debit card POS machines to facilitate the ability. While making the payment, the customers just have to inform staff that they will pay via UPI. Then, the cashier just have to choose the ‘UPI Payment’ option on the terminal, which will create a QR-code on the device’ screen. Any UPI ready app can then simply scan the code to confirm the transaction. The customer, on the other hand can just collect a receipt for the transaction and move on.
Mr. V. Subramaniam, Director, Reliance Retail said, “Reliance Retail is India’s largest retailer and is patronized by millions of customers. Reliance Retail is happy to be the first organized retailer in the country to introduce this additional convenience and choice of digital transaction for customers through UPI app based payment facility at over 200 stores comprising Reliance Fresh, Reliance Smart, Reliance Digital and others in Mumbai. Progressively, the facility will be rolled-out to other Reliance Retail stores across the country. This spirited initiative will further enhance the digital transaction ecosystem in the country.”