India Post Payments Bank (IPPB) ties up with FSS to create payments network for unorganized retail
The India Post Payments Bank (IPPB) has partnered with Financial Software and Systems (FSS) to create payments network for unorganized retail. FSS is a payments technology company that enables micro-merchants to accept payments online, or via Unified Payments Interface (UPI), Quick-Response (QR) codes, Aadhaar and IPPB accounts. FSS will also provide merchant management and settlement solutions including on-boarding fee calculation, reconciliation and settlement. IPPB has been incorporated as a public sector company under the Department of Posts with 100% government equity and is governed by the Reserve Bank of India (RBI). IPPB offers a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments. Customers are able to access these products and related services across various channels—counter services, micro-ATM, mobile banking app, text messages and phone calls.
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Topics: Aadhaar • Banking • Banking in India • Economy of India • Financial services • India Post • India Post Payments Bank • Interbank networks • Mobile payments • Mobile payments in India • Payments bank • Unified Payments Interface
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