India’s largest public sector bank State Bank of India (SBI) has teamed up with digital payment firm FSS (Financial Software and Systems) to support the country’s newly launched ‘One Nation One Card’ programme.
The programme, launched by the Indian government recently, aims to increase digital payment adoption in the country.
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The collaboration will work to issue tap and pay (contact and contactless) cards, reported Zee Business.
Accordingly, the offering will enable the users to utilise a common mobility card for all transactions made in transit and while commuting.
It will also offer standard debit card facilities including cash withdrawals and payments in POS and e-commerce channels.
Overall, the FSS card issuance platform will manage card issuance, transaction clearing and settlement for the bank.
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By GlobalDataFSS president for retail payments Suresh Rajagopalan was quoted by the publication as saying: “We are excited to build on our leadership position and bring innovative digital payments experiences to consumers through our partnership with the State Bank of India.
“The One Nation, One Card programme, is a significant step in realising the Digital India vision by bringing a critical mass of micro-transactions into the digital fold.”
Currently, each transit provider has its own card acceptance solution, which does not support payments made through other cards, thereby restricting cashless payments.
The introduction of a pan-India offering will ensure interoperability enabling payments for transit services and daily purchases using once card.
