FSS, a specialist global payment processor and provider of integrated payment products, has confirmed a new collaboration with India Post Payments Bank (IPPB) to elevate financial inclusion among underserved and unbanked segments.
As part of the link, IPPB will use FSS’ Aadhaar Enabled Payment System (AePS) to deliver interoperable and affordable doorstep banking services to customers across India.
Krishnan Srinivasan, Global Chief Revenue Officer, FSS commented: “We are proud to be IPPB’s technology partner in this monumental nation-building exercise. The collaboration is evidence of FSS’ deep payments technology expertise and commitment to bringing viable, market-leading innovations that promote financial deepening.
“FSS’ AePS solution combined with IPPB’s expansive last mile distribution reach empowers citizens of the country with a range of digital payment products and advances India’s vision towards a less-cash economy.”
J. Venkatramu, MD & CEO, India Post Payments Bank added on the deal and its importance: “Through the vast reach of Department of Posts network along with the advent of the interoperable payment systems to drive adoption, IPPB is uniquely positioned to offer a range of products and services to fulfil the financial needs of the unbanked and the underbanked at the last mile.
“Having launched AePS services, the Bank has become the single largest platform in the country for providing interoperable banking services to customers of any bank. The strategic partnership with FSS provides us with an opportunity to expand the portfolio of financial services and improve customer experience whilst maintaining operational efficiency, thus building a digitally inclusive society.”
Expert Analysis: The importance of financial inclusion has never been more significant, as the world continues to combat the pandemic and the economic impact it has caused. The tech and infrastructures married together in this partnership can play a key role when it comes to increasing financial stability and accessibility for so many across India.