FSS (Financial Software and Systems), has augmented its UPI 2.0 platform with a range of new capabilities in a bid to improve customer convenience. This includes AutoPay and voice-activated account management positioned to enable PSPs and harness the potential of UPI. This will further help in generating new monetization opportunities and encourage frequent use of digital payments.
In sync with the nation-wide launch by National Payments Corporation of India (NPCI), two of the country’s leading banks were among the first to go live with FSS UPI AutoPay. In adherence with the NPCI guidelines, FSS AutoPay unlocks new revenue opportunities for banks in a bid to collaborate with third party FinTechs for the development of new generation digital overlay services. This includes a broad range of services, consumer to business transactions (subscriptions and monthly payments ), business to consumer payments (‘buy now, pay later’ — e-commerce initiatives) corporate pay-outs (payroll) and business-to-business payments (supply chain transactions).
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FSS UPI AutoPay helps customers (payers as well as payees) for setting-up auto-debit instructions for regular payments via mobile app or by scanning a QR code.
N Sathish, Deputy CPO FSS, stated; “The real-time payments landscape is evolving, and improved customer experience is at the heart of this transformation. Instantaneity and invisibility are the defining attributes of future consumer payment experiences. With AutoPay and conversational banking capabilities, FSS provides PSPs a compelling, new way to embed themselves deeper into their customers’ lives and further adoption of UPI-based payments.”