FSS to provide unified payment interface for major Indian banks
Payment tech and transaction processing provider FSS has partnered with six major Indian banks to provide a unified payment interface that facilitates "easy and seamless" person-to-person and person-to-merchant transactions, according to a press release.
UPI PSP from FSS allows banks, merchants and customers to push and pull payments with single-click two-factor authentication. FIs can provide real-time payments through QR code-enabled addresses, along with device fingerprinting for additional security.
The solution allows FIs to integrate multiple channels and perform cross-channel migration with ease while allowing customers to transact from their mobile device with the click of a button, according to the release.
FSS Managing Director Nagaraj Mylandla said that the initiative will change the way banking is done in India.
"We expect UPI to gain immense popularity, due to the ease of use and [because] our infrastructure is ready to handle the huge surge in the transaction volumes that is expected through UPI."