Financial Software and Systems (FSS), a leading payment processor and provider of integrated payment products, has partnered with India Post Payments Bank (IPPB) to promote financial inclusion among underserved and unbanked segments.
As part of the collaboration:
- IPPB will use FSS’ Aadhaar Enabled Payment System (AePS) to deliver interoperable and affordable doorstep banking services to customers across India.
- Customers of any bank can access their Aadhaar-linked bank account by simply using their fingerprint for cash withdrawal, balance enquiry and transfer of funds into an operating IPPB account, right at their doorstep.
- This strategic partnership offers significant opportunities to bring millions of unbanked customers into the financial mainstream. Currently, there are nearly 410 million Jan Dhan accounts in India.
About FSS’ Aadhaar Enabled Payment System (AePS)
- FSS’ AePS solution combines the low-cost structure of a branchless business model, digital distribution, and micro-targeting that lowers acquisition costs and improves reach.
- The operation of FSS’ AePS solution is based on agents performing transactions on behalf of customers using a tablet, micro-ATM or a POS device.
- The system is device agnostic and can accept transactions originating from any terminal.
- FSS’ AePS exposes APIs to third parties to develop an expansive services ecosystem and extend a broad suite of financial products and tools including micro-insurance, micro-savings, micro-finance, mutual fund investments, enabling the bank to further services adoption among low and moderate-income consumers.
Important takeaways for all competitive exams:
- MD and CEO of India Post Payments Bank (IPPB): J Venkatramu.
- India Post Payments Bank (IPPB) Headquarters: New Delhi.