Ftcash is a virtual POS for micro-merchants to accept payments through credit cards, debit cards, wallets such as Freecharge, Mobikwik, PayPal. UPI is the latest addition to this open architecture platform. Ftcash representatives said that open architecture enables them to provide multiple payment option to the customers. With UPI integrated in association with ICICI, the startup can provide flexibility to over 5,000 merchants, enabling them to accept electronic payments at a lower cost and better convenience. ftcash aims to empower over 60 million micro-merchants such as milk vendors, newspaper agents, kirana stores with the power of digital payments and loans.
Ftcash was launched in mid-June 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha and has grown twelve times in the last six months. They were notably awarded by Prince William and Kate Middleton during their India visit earlier in 2016 as part of the UK Trade and Investments Great Tech Awards.
The National Payments Corporation of India (NPCI) started working on UPI in February 2015 and announced its launch in April 2016. UPI builds on the Immediate Payment Service (IMPS), which is used by banks for real-time transfer of cash.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now