Reported by: banking|Updated: November 28, 2016
HSBC said it is now offering UPI facility for corporates in India. Under this, the bank is providing improved collection solution to corporates, enabling them to drive sales through increased digitization of flows. According to Divyesh Dalal, country head, Global Liquidity and Cash Management, HSBC, the bank has four corporates on-board and it will be going live with 100 corporates in the near future. Dalal noted the UPI offering is not a payment solution from an expense management or convenience perspective, but one that would drive the sales for corporates. The biggest impact will be on businesses as they would be able to sell more, he added. Cash collection has always been a challenge for corporates and a digital solution such as UPI is expected to reduce the operational risk for businesses, he said. Stuart P Milne, group general manager & CEO, HSBC India, said ta UPI enabled platform will help the migration of cash towards electronic platform and support the larger vision on digital payments while overcoming the challenges of cash-fueled economy.