Payments technology and transaction processing enabler FSS has entered in a partnership with six banks to provide UPI solution. FSS will provide UPI PSP solution on a hosted platform to the banks across the country. FSS UPI PSP is a comprehensive solution which facilitates banks, merchants and customers to push and pull payments with a single click two factor authentication. It also enables banks to provide real time payments through QR code enabled addresses, along with device fingerprinting for additional security. It supports features like ‘pay and collect’ directly to bank account and ‘refer a friend’ through social media. In addition to assisting the bank to provide the customers with an easy payment facility across channels along with pull and push payments, FSS UPI will also aid banks to penetrate easily into a large merchant base. The solution will provide banks the ability to integrate multiple channels and perform cross channel migration with ease. With the support of FSS UPI, banks can provide customers with the facility to transact on-the-go from their mobile phones, with a click of a button. According to FSS managing director Nagaraj Mylandla, FSS UPI will facilitate the banks to offer UPI services instantly to their customers. He said FSS expect UPI to gain immense popularity, due to the ease of use. FSS infrastructure is ready to handle the huge surge in the transaction volumes that is expected through UPI, he added.
