By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way. Transact365 offers two local solutions tailored to the needs of the Indian market - Unified Payments Interface (UPI) and NetBanking.
Developed by the National Payments Corporation of India, UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank, peer-to-peer (P2P), and person-to-merchant (P2M) transactions.
NetBanking is a payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365 gateway which allows the user to complete the transaction with the merchant in real-time, in local currency.
Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real-time, with fully automated API connectivity.
Transact365’s launch in India is the first in a series of market expansions planned for 2022.
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