FSS (Financial Software and Systems), leading payments processor, has launched UPI e Voucher in a bid to enhance its Unified Payment Interface (UPI) Suite and accelerate digital payments adoption among financially underserved segments.
The UPI eVoucher enables customers to transfer funds for a specific purpose in real-time to any mobile number, regardless of whether the beneficiary has a bank account.
The official communique quotes the pandemic has accelerated the switch to digital payments by an approximate five to ten years in India and UPI’s 3.5 billion transactions monthly underlines the same.
Jaishankar AL, CEO FSS PayTech, said; “For three decades, FSS has been at the forefront of India’s digital revolution, enabling banks to build inclusive digital payment ecosystems that empower people, communities and economies. India’s UPI is globally recognised as the most advanced real-time payments infrastructure and accounts for an approximate 73% of total digital transaction volume within the country. The UPI platform is one of FSS’ flagship products and we are excited to launch the UPI eVoucher, enabling bank PSPs to bring new innovations that benefit multiple customer segments and strengthens India’s digital economy.”