FSS rolls out UPI 2.0 for banks and PSPs in India

UPI provides real-time person-to-person and person-to merchant transactions and has recorded important growth since its launch. FSS UPI 2.0 will help banks and PSPs capitalise on this growth, with features as:

• linking overdraft accounts to UPI;

• creating one-time mandates, enabling customers schedule payments;

• sending digital invoices to the payer’s inbox to establish transaction authenticity;

• embedding signature in the QR code for reduced fraud exposure.

In addition to standard disbursal and collect payments, mash-up APIs can help banks to extend a host of services to corporates. Businesses could send a pre-authorised payment request to suppliers, with a forward-dated invoice combined with an ability to block funds for certain transactions.

For the retail segment, FSS UPI 2.0, offers Chat and Pay, Loyalty and Rewards and Risk Management-as-a-Service to drive contextual transaction experiences. Chat and Pay enable customers to interact with a chatbot to conduct transactions. Loyalty and Rewards enable PSPs to apply contextual transactional data and drive customer engagement.

The solution is benchmarked to process 6,600 transactions per second and provides four nines availability to customers.