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FSS AadhaarPay earns Best Alternative Payments honors

November 26, 2017

FSS AadhaarPay, a biometric-enabled payment acceptance solution based on India's national identity number system, Aadhaar, has won Best Alternative Payment in the Payments Awards UK competition, according to a press release from FSS.

FSS AadhaarPay leverages the ubiquity of mobile connectivity and Aadhaar, which covers 99 percent of India's population, to roll out a wide-scale, digital acceptance payment network, according to a press release from Financial Software and Systems.

FSS AadhaarPay lets merchants leapfrog expensive legacy POS solutions and accept customer payments through their Aadhaar-linked bank account without the need for a physical payment instrument, the release said.

"The award is a validation of our ability to develop acceptance products and solutions relevant to the needs of acquirers in our chosen markets," said Suresh Rajagopalan, president of software Products at FSS. "AadhaarPay offers an alternative solution to cost-efficiently and rapidly expand the number of acceptance points in countries with scant POS penetration, providing a bridge to digital payments to millions of merchants and consumers."

Organized by FStech and Retail Systems, Payments Awards UK recognizes companies that have launched or implemented the most outstanding payment solutions, initiatives and projects during the past year.

Earlier this year, FSS AadhaarPay won the Best Mobile Experience: International Fintech award at the Bank Customer Experience Summit in Chicago.