FSS to provide UPI solutions for six Indian banks
India-based payments firm Financial Software and Systems (FSS) will provide Unified Payment Interface (UPI) solutions for six unnamed Indian banks.
The National Payments Corporation of India (NPCI) recently launched UPI, which offers instant, online bank payments. The move is seen as a major change to the Indian financial sector.
FSS says UPI enables the banks to provide real-time payments through QR code enabled addresses and offers device fingerprinting for additional security.
Nagaraj Mylandla, MD at FSS, says NPCI’s initiative will “change the way banking is done in India”.
FSS says with UPI banks can offer easy payments across all channels and “pull and push” payments. UPI will also help banks to “penetrate easily” into India’s large merchant base.
Headquartered in Chennai, FSS has over 100 customers across the globe, including public and private sector banks in India, financial institutions, processors and prepaid card issuers.
NPCI says UPI will use trends such as “increasing smartphone adoption and deeper penetration of mobile data” to improve the payments industry across India.
On 11 April, A. P. Hota, the company’s MD and CEO, said: “A few banks have gone live with UPI out of 29 banks that had concurred to provide UPI service to their customers.
“We are confident that several banks will join UPI this year and the number will multiply further. Our focus is in line with RBI’s [Reserve Bank of India] vision of migrating towards a ‘less-cash’ and more digital society.”