RS Software Builds Digital Payments Platform for a Big Indian Client

  • Payments , Infrastructure
  • 09.12.2015 11:15 am

RS Software Ltd., the vertically integrated technology solution provider to the global digital payments industry, has been awarded a contract from the National Payments Corporation of India (NPCI) to build a Digital Payments Platform (DPP) to accommodate the continuing growth of e-commerce and digital payments in India.

The project will feature a Unified Payment Interface (UPI) that allows financial institutions to innovate and launch mobile payment products by offering access to the secured DPP through Application Program Interfaces (APIs) that harness the power of the existing payment infrastructure. This capability will foster a new wave of innovation in digital payment space that will expand financial inclusion in a digital India.

The NPCI DPP will allow consumers to send and receive money electronically without requiring bank account information. The platform will have a two factor authentication to prevent misuse and ensure that money goes to the intended recipient. The NPCI UPI also will offer smaller-scale banks that do not have the necessary infrastructure to set up their own digital banking products.

“We intend to utilize RS Software’s expertise for fulfilling advanced needs of the customers to perform instant payment transactions. Our strategic association with RS Software foresees a significant contribution to the digital revolution we aim to achieve in the payments arena,” said Mr. A. P. Hota, MD & CEO, NPCI.

“NPCI’s decision to award the contract to RS Software for this development is based on our assessment of RS Software’s capabilities which will help us to offer next generation peer-to-peer payment services in near future,” he added.

Raj Jain, Chairman and Managing Director, RS Software (India) Ltd said, “We are delighted to have been selected by NPCI for this very important national payments initiative. We believe it will be the foundation for enabling a new ecosystem that fosters innovation and will help India achieve the transition to digital payments. Convenience, security and speed enabled by the Digital Payments Platform and Unified Payments Interface will accelerate adoption and help to realize the vision of a digitally empowered economy.” 

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