Adoption among financially underserved segments, The Financial Software and Systems (FSS) said it has improved its Unified Payment Interface (UPI) set to support e-Vouchers to quicken digital payments.
The UPI eVoucher facilitated the customers to transfer funds for a precise purpose in real-time to any mobile number, notwithstanding whether the beneficiary has a bank account, the company said in a statement.
Currently, the adoption of UPI services is limited amongst customers of participant banks.
With the e-Voucher bank, PSPs would be able to utilize the pervasiveness of mobile telephony to reach unbanked users.
While the eVouchers can be sent aloft mobile phone networks, through SMS or quick response (QR) codes, it reduces the need for investments by customers or merchants in further infrastructure.
A range of customer-centric propositions adding payroll services, supplier payments, gift vouchers, and more are launched by Payment service providers (PSPs).
The pandemic has hastened the switch to digital payments by approximately five to ten years in India.
The increasing demand was underscoring for digital payment, India’s UPI processes a recording of 3.5 billion transactions every month and represents India as the fastest-growing payment rail.
1.1 billion mobile users in India has of which 500 million are in rural areas.
FSS PayTech’s CEO, Jaishankar AL, said, the most exceptional real-time payments infrastructure and accounts as India’s UPI is globally recognized for near 73% of total digital transaction volume within the country.
The UPI platform is FSS gives flagship one of the products and we are thrilled to launch the UPI eVoucher also approving bank PSPs to bring innovation that benefits multiple customer segments and strengthen India’s digital economy”.
Customers can be able to request to generate an eVoucher, the PSP’s UPI app or mobile banking app, designate beneficiary mobile details, amount, and merchant, where the voucher can be redeemed.
At the back of the FSS UPI system transmits the voucher to the beneficiary’s mobile device and authorizes the transaction in the form of a QR or an SMS numeric string.
The platform of FSS UPI is trusted by leading bank PSPs in the country.
The industry has set a benchmarked UPI system that is able to process 6,600 transactions per second, the company said.