FSS launches UPI e-voucher to advance financial inclusion

: Financial Software and Systems (FSS) on Wednesday said it has enhanced its unified payment interface (UPI) suite to support e-vouchers to accelerate digital payments adoption in the financially under-served segments.

The UPI e-voucher 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 city-based payments processor said in a statement here.

The Covid-19 pandemic has accelerated the switch to digital payments by an approximate five to 10 years in the country. Underlining the growing demand for digital payment, India UPI processes a record 3.5 billion transactions monthly.

"For three decades, FSS has been at the forefront of India's digital revolution enabling banks to build inclusive digital payment eco systems that empower people, communities and economies. The UPI platform is one of FSS' flagship products and we are excited to launch the UPI eVoucher, enabling bank PSPs (Payment Service Providers) to bring new innovations that benefit multiple customer segments," FSS PayTech, CEO, Jaishankar AL said.

Currently, the adoption of UPI services was restricted among customers of banks. With the e-voucher bank, PSPs would be able to use mobile telephony to reach unbanked users, the company said. As the e-vouchers can be sent over mobile phone networks, through SMS or QR codes, it eliminates need for investments by customers or merchants in additional infrastructure.

FSS UPI platform was currently backed by leading bank payment service providers in the country. The platform supports standard interfaces for integration with third-party financial technology systems, the statement said.