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FSS introduces AutoPay to UPI

Tuesday 4 August 2020 09:40 CET | News

Digital payment and financial technology company FSS (Financial Software and Systems) has added new features to its UPI 2.0 platform.

This includes AutoPay and voice-activated account management to enable PSPs harness the potential of UPI, generate new monetisation opportunities, and encourage frequent use of digital payments. Compliant with NPCI guidelines, FSS AutoPay unlocks new revenue opportunities for banks to collaborate with third party fintechs for the development of new generation digital overlay services. This spans a range of services – consumer to business transactions (subscriptions and monthly payments ), business to consumer payments (‘buy now, pay later’ -- ecommerce initiatives) corporate pay-outs (payroll), and business-to-business payments (supply chain transactions).  

FSS UPI AutoPay allows customers (payers as well as payees) to set-up auto-debit instructions for regular payments using a mobile app or by scanning a QR code. All subsequent payments are executed in the background, without manual intervention. Using the PSP UPI app, customers can digitally set-up, authorize, view, modify, and manage mandates with a single click, ensuring visibility and control over these payment arrangements, according to the official press release. 

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Keywords: FSS, Autopay, digital payments, fintech, Financial Software and Systems, PSP, UPI, monetisation, NPCI, banks, B2B payments, supply chain
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech