UPI e voucher Enables customers to transfer money for a specific purpose in real time to any mobile number, irrespective of the bank account of the beneficiary, the company said in a statement.
At present, the adoption of UPI services among the customers of the participating banks is restricted. PSPs with e-voucher banks will be able to take advantage of the ubiquity of mobile telephony to reach unbanked users.
As e-vouchers can be sent through SMS or quick response (QR) codes over mobile phone networks, it eliminates the need for investment by customers or merchants in additional infrastructure. Payment Service Providers (PSPs) can roll out a range of customer-focused offers including payroll services, supplier payments, gift vouchers and more.
“India’s UPI is globally recognized as the most advanced real-time payment infrastructure and accounts for about 73% of the total digital transaction volume within the country. The UPI platform is one of the flagship products of FSS and we Excited to launch UPI e Vouchers, helping bank PSPs bring new innovations that benefit multiple customer segments and strengthen India’s digital economy,” said Jaishankar AL, CEO, FSS Petech.
To generate the e-voucher, customers can use the PSP’s UPI app or mobile banking app, specify the beneficiary’s mobile details, amount and the merchant where the voucher can be redeemed. At the backend, the FSS UPI system authorizes the transaction and delivers the voucher in the form of a QR or SMS numeric string to the mobile device of the beneficiary.
The FSS UPI platform is trusted by the country’s leading bank PSP. The FSS UPI platform supports standard interfaces for integration with third-party fintech systems. In addition, the FSS UPI Mobile SDK provides an instant out-of-the-box integration capability for third party providers – banks, fintechs, retailers, wallet providers – to embed UPI payments into existing apps.
The company said the industry benchmark UPI system can process 6,600 transactions per second.