MILPITAS, Calif.--(BUSINESS WIRE)--RS Software Ltd., the leading 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.”
With more than 900 million mobile phones in India, this project undertaken by NPCI and RS Software will enable a seamless payments experience delivering access for every citizen and business entity empowering the economy on all levels. As a partner involved in several mobile payments projects in the United States, including creation and integration of mobile wallets and tokenization schemes, RS Software brings significant subject matter and project experience to the NPCI project.
About RS Software (India):
RS Software India Ltd. is a vertically integrated technology solution provider to the electronic payments industry operating in four continents with its US headquarters in Silicon Valley, corporate headquarters in Kolkata, India and offices in the United Kingdom and Singapore. RS Software has been in business for more than twenty years providing solutions to leading payments brands around the world including payment networks, processors, acquirers, issuers, and ISOs. RS Software has built solutions for the introduction of new standards such as EMV and emerging payment areas like mobile and contactless payments, while enhancing the ability of its clients to manage their legacy systems. The domain focus makes RS Software a partner of choice for its customers and an employer of choice for its employees.
National Payments Corporation of India (NPCI), set up in 2009 as the central infrastructure for various retail payment systems in India, was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 20 million transactions. From a single service of switching inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named “RuPay‟ to provide an alternative to international card schemes. The RuPay cardholder base includes 170 million people.