FSS augments UPI 2.0 platform with AutoPay and Conversational Capabilities

FSS

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.

FSS

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).

Also Read: FinTechs reinventing MSMEs in India

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.”

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.