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April 28, 2021

FSS and NPCI International Payments team up to expand UPI rails globally

By Shalini mani

Financial Software and Systems (FSS) has joined forces with India-based NPCI International Payments (NIPL) to expand Unified Payment Interface (UPI) rails in international markets.

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The partnership will leverage complementary capabilities of the companies to launch an end-to-end proposition to activate real-time payments at speed and minimal risk.

NIPL will offer its real-time payments processing platform and technical expertise to scheme operators while integration and support services will be provided by FSS.

FSS, which implements large-scale national payments infrastructure projects, will leverage its domain understanding and experience to support the initiative.

FSS PayTech COO K Srinivasan remarked: “We are excited to partner with NIPL to bring a proven, best-in-class real-time payment offering that will speed innovation and adoption of digital commerce and have a wide-ranging economic impact.”

FSS – UPI Gateway is said to support several Indian bank PSPs to connect to the UPI central payments infrastructure.

It facilitates a range of overlay services, including QR Payments, Split Payments, Request to Pay, Corporate Payments and AutoPay.

In addition, it enables banks to monetise investments in real-time UPI infrastructure via reconciliation and authentication.

NIPL CEO Ritesh Shukla said: “FSS is a demonstrated leader in payments and its domain expertise combined with a strong international presence makes them a valuable partner to offer a market-leading, real-time payments system to millions of people across the globe. We look forward to attaining new highs with this partnership.”

In January this year, Indian fintech startup Eroute Technologies revealed plans to launch an offline payments solution based on the UPI.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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