India Post Payments Bank deploys FSS Payment Stack to scale financial inclusion

India represents one of the largest market opportunities for payments totaling $1 trillion by 2023. The ongoing technology revolution combined with enabling regulatory policy framework and the Indian government’s strong push to digitalise the economy is fast transforming the country’s payments landscape. 

Currently, 800 mn Indians have bank accounts, creating a ready market of consumers eager to partake new products and services.  With FSS Payments-in-a-Box, India Post Payments Bank can leverage its extensive postal delivery network comprising 150,000 access points to tap this massive potential and grow market share. FSS Payments-in-a Box comprises a comprehensive set of solutions to bring customers and everyday merchants into the digital payments mainstream, generating critical network effects for furthering adoption and usage.

Specifically, this includes omni-channel payment acceptance, transaction processing and smart reconciliation capabilities to manage the customer and merchant relationships across all transacting channels and through the payment lifecycle. 

Additionally, FSS assumes a single mantle of responsibility for complete back-office operations, enabling the bank to maintain operational efficiencies and optimise costs. 

Suresh Sethi, MD & CEO India Post Payments Bank stated, “The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion by removing the barriers for the unbanked and under-banked population. FSS’ technology solutions are powering us towards achieving our objective to build a less cash ecosystem by enabling last mile digital payment services.” 

Nagaraj Mylandla, CMD, FSS stated, “We are committed to this prestigious nation building exercise with IPPB that will connect Bharat through digital payments.”