The payment platform has been named as “Merchant Pay”.
“Merchant Pay will integrate with various banks to provide multiple-mode payment options to provide a unified view of all payments,” said Tata Consultancy Services.
The platform will enable advanced analytical data by offering analytical report based on transaction pattern analysis, reported The Economic Times.
TCS said it will conduct special drives to recruit and train merchants and have a 24×7 professional support set-up for merchants.
“We are proud to innovate for India’s digital transformation. TCS worked with the Government to pioneer a simple payment acceptance using Aadhaar,” said Ravi Viswanathan, president of growth markets at TCS.
“With numerous digital payment methods like UPI, eWallets, Aadhaar Pay, Debit and Credit cards available, there was a need for a unified platform that integrates all digital payment methods offering convenience to customers and also allowing merchants to accept any form of digital payment,” he added.
Retail organisations can use it to integrate payments across multiple payment channels such as Aadhaar, Credit or Debit card or even phone-based payments through a single interface.
For the consumer, the platform will be a seamless experience enabled by TCS as they will be able to transact at a Merchant Pay-enabled store by using their fingerprint to confirm their identity.
“Merchant Pay” will have empanelled and controlled devices security features. Merchants will be uniquely tagged on their smart phone or last mile devices with device policies being embedded in the application.
The services platform will also ensure compliance to existing risk management frameworks and help merchants meet regulatory and statutory needs.