AGSTTL, a longstanding ACI strategic partner, is the first organisation to implement this solution, designed to support Unified Payments Interface (UPI) transactions in India.
The rapid digitalisation of payments in India, including the National Payments Corporation of India’s (NPCI’s) UPI initiative, has led to growth in the number of fintechs and other organisations seeking to capitalise on this payments transformation across the country.
Per recent RBI data, UPI-enabled transactions crossed the 151.7 million mark in January 2018, undergoing a 4% increase from the 145.5 million transactions registered in December 2017.
Similarly, the value of transactions also jumped by 18% month on month, from USD 2 billion in December 2017 to USD 2.4 billion in January 2018.
Anticipating immense future growth potential, the NPCI has formulated a strategy and set of specifications that enable banks, third parties and central payments infrastructures to work together with fintechs and provide interoperability through a single interface and single set of APIs.
ACI’s UP Retail Payments solution delivers payment capabilities and is used by 8 of the world’s top 10 banks. The solution enables stakeholders to access the set of APIs developed by NPCI and connects banks’ issuing systems to central infrastructures and to payment service providers (PSPs).
Created specifically for the Indian market and made available to ACI’s customer base, AGSTTL has launched the solution via a hosted model.
For more information about ACI Worldwide, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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