Revolutionizes a bank’s merchant ecosystem with the state-of-the-art biometric-enabled merchant payment acceptance solution
Facilitates payments through biometric authentication without the necessity of a physical payments instrument
Assists the Government of India’s Digital Payments initiatives by extending digital payments for a larger consumer base
Chennai, April 10, 2017: FSS, the Payments and FinTech leader, has launched FSS Aadhaar Pay, to support the digital payment initiatives of the Government. Aadhaar is a 12-digit unique identification number issued by the Indian government to every individual resident of India.
A comprehensive biometric-enabled merchant payment acceptance system, FSS Aadhaar Pay allows merchants to accept customer payments through their Aadhaar-linked bank accounts without the need for a physical payment instrument. FSS Aadhaar Pay is a highly secure solution supported with biometric data encryption, SSL Keys to prevent identity thefts and frauds.
As part of the Digital India initiative, the Aadhaar Pay platform will soon be formally launched by Prime Minister Narendra Modi, to make banking accessible to the larger populace. As part of this initiative, nearly 500,000 merchants are expected to be on-boarded in the coming weeks by the banks.
A bank-friendly solution, FSS Aadhaar Pay will support this government initiative and assist banks to quickly onboard the merchants with minimum time and effort. In addition to providing seamless and instant merchant onboarding, the solution also offers faster refunds initiation and settlement. It runs on Google’s Android platform and works on 2G-enabled basic smartphones empowering banks to launch the digital initiative at a lower CAPEX and scale it quickly.
The solution can be easily integrated to a bank's existing financial inclusion (FI) gateway. FSS also offers Aadhaar-enabled payment systems, one of the largest FI gateways in the country on a hosted services model.
A merchant friendly solution, it leverages the UIDAI India Stack APIs to authenticate payments, supports the merchant to accept payments using the mobile channel and additionally, other channels like biometric-enabled POS and micro ATMs. FSS Aadhaar Pay cuts down both implementation and operational costs considerably for the merchants and allows them to generate digital invoices and offer loyalty and reward benefits to their customers.
A customer friendly solution, FSS Aadhaar Pay allows the customer to pay without the hassle of carrying a physical payment instrument or managing multiple PINs, by just using their Aadhaar number and biometric as authentication that provides added payment security. The solution will be further expanded to support UPI, Bharat QR Code, digital wallets and mVISA in the future to make it easy for the customer to choose any mode of payment.
Commenting on the launch Mr. Suresh Rajagopalan, President Software Products, FSS, said, The initiatives taken by our Government to drive cashless payments can be successful only if the technology is made available and affordable to every citizen even at the farthest corner of the country.
FSS Aadhaar Pay is aimed at achieving this by allowing the banks to onboard merchants of any size, even the smallest street vendor and enable them to offer digital payments to his/her customer with the help of just a basic smartphone and an STQC-certified fingerprinting device. In addition, the elimination of card sensitive data in the transaction network for merchant payments will assist banks to reduce risk and interchange fees.
FSS Aadhaar Pay is available in hosted service and licensed models for the banks.
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services, built over 26 years of comprehensive experience across payments spectrum.
FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its end-to-end payments suite powers retail delivery channels such as ATM, PoS, Internet, mobile and financial inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.
Headquartered in Chennai, India, the company services 100+ customers across the globe, which include leading public and private sector banks in India and some of the large banks, FIs, processors and prepaid card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and has a team of over 2000 + experts serving the clients across the globe.
The comprehensive portfolio of payments products offered in licensed and hosted model are designed to address diversified needs across the payments ecosystem. The products are technologically advanced, PA-DSS & PCI-DSS certified, and are highly scalable. The wide range of offerings from FSS includes solutions for merchant management, card lifecycle management, Internet and mobile payments gateways, reconciliation and settlement, financial inclusion, social/ mobile banking, device monitoring, mandate management system and payments hub.
To know more about FSS and its offerings, please visit www.fsstech.com.