Moneycontrol
Get App
you are here: HomeNewsTechnology
Last Updated : Mar 11, 2019 07:44 PM IST | Source: Moneycontrol.com

SBI ties up with FSS for digital payments

FSS’ prepaid digital solution will enable SBI to issue Tap and Pay cards

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

In a significant step forward to meeting with the “digital India” vision, State Bank of India (SBI) has identified Financial Software and Systems (FSS) for its complete digital payments across the country. Through this deal, FSS’s prepaid digital solution will enable SBI to issue Tap and Pay (contact and contactless) cards, with the basic card issuance platform that manages transaction clearing and settlement. The functionalities that will be available on the card include registration, verification, card issuance, top-up of funds into prepaid wallet, card lifecycle management, reconciliation and reporting.

This tie-up is a huge step forward for the Indian customers, since until now, each transit provider had installed proprietary card acceptance solution that worked with its systems. But this has been leading to fragmentation and hence limited the adoption of digital payments in India.

This is also because of India’s still developing but fast urbanization population. Digital is the big objective that banks and also citizen services are driving and one of the smartest ways to reach there is by creating a “One Nation, One Card” program. SBI’s move to work with FSS to create a National Common Mobility Card programme is a step in this direction.

It has a complete interoperability with other payment platforms and allows customers to make all payments- from transit services to daily purchases- through a single card. This will allow cashless transactions for all cardholders at toll stations and ticket kiosks and they can also load money into the store value account and use the card by just tapping on the terminal reader. This new deal will thus vastly improve ease of transaction and convenience for SBI customers.
First Published on Mar 11, 2019 07:43 pm
More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant