FSS, an India-based payments technology and transaction processing company, has collaborated with six major banks to provide a new PSP solution, Unified Payment Interface (UPI).
Under the partnership, FSS will provide the solution to banks on the hosted platform. UPI facilitates seamless person-to-person (P2P) and person-to-merchant (P2M) transactions.
FSS said that its comprehensive solution, FSS UPI PSP, will allow banks, merchants and customers to push and pull payments with a single click, two-factor authentication.
The solution will enable lenders to integrate multiple channels and perform cross channel migration as well as allowing bank customers to transfer money on-the-go from their mobile phones.
Through this platform, lenders can provide real time payments through QR code enabled addresses, along with device fingerprinting for additional security. The platform supports features like ‘Pay and Collect’ directly to bank account and ‘Refer a Friend’ through social media, the company added.
FSS managing director Nagaraj Mylandla said: "FSS UPI will facilitate these six Banks to offer UPI services instantly to their 80 million plus customers. We expect UPI to gain immense popularity, due to the ease of use and our infrastructure is ready to handle the huge surge in the transaction volumes that is expected through UPI."