FSS (Financial Software & Systems) on Tuesday announced its partnership with India Post Payments Bank (IPPB) as an integrated payment solution provider to formally promote financial inclusion between unqualified and unbanked areas. . As part of the partnership, IPPB will use FSS’s ‘Aadhaar-Enabled Payment System’ (AEPS) services to provide interoperable and affordable doorstep banking services to customers across India.
Krishnan Srinivasan, FSS’s global chief revenue officer, said that ‘FSS was associated with India Post only in 2017, when they set up India Post Payments Bank. The FSS’s Aadhaar-enabled payment system facility is tied up with the IPPB, which facilitates financial inclusion access to the last person on the notch. It will empower the citizens of the country with a series of digital payment processes and will further India’s approach towards a low cash economy. ‘
FSS-IPPB Payments Partner
FSS is the India Post Payments Bank’s preferred payment partner for bill payment, UPI, card management systems, POS, Aadhaar Pay, smart reconciliation and switching systems.
FSS explained in a press release the benefits of AEPS-based cash withdrawal solutions, saying that the average time to reach a banking access point in rural and peri-urban areas was one-half to five, compared to an average of 30 minutes in urban areas Is between hours.
Leveraging its vast network of over 1,36,000 post offices and 300,000 postal employees, using FSS’s AEPS solution, IPPB serves the unbanked and underbanked population, including about 4.1 crore Jan Dhan account holders in rural parts of the country. Will do.
“After launching the AEPS service, this bank has become the largest platform in the country to provide inter-banking services to customers of any bank,” said J Venkataramu, MD and CEO of India Post Payments Bank in its statement.
Srinivasan said that ‘We are currently using AEPS for cash-in and cash-out, but using the same solution to provide savings products, micro credit, enabling merchant payments, micro insurance, domestic remittances and other financials Can be done to offer products. ‘
He also stated that ‘IPPB has exceeded cash withdrawals of more than 8,000 crores using the FSS’s AEPS solution since Corona lockdown. He said that FSS, whose AEPS solutions are using every 10th customer in India, also wants to tap other countries in the Asia-Pacific region.