In a move aimed at creating a payments acceptance network for unorganized retail including small merchants and kirana stores where consumers can make payments, India Post Payments Bank (IPPB) has partnered with Financial Software and Systems (FSS).
FSS a payments technology company to ensure that micro-merchants are able to accept payments over any channel – online, unified payments interface (UPI), quick-response (QR) codes, Aadhaar and IPPB accounts. FSS will also provide merchant management and settlement solutions including on-boarding fee calculation, reconciliation and settlement.
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- IPPB has been incorporated as a public sector company under the Department of Posts with 100% government equity and is governed by the Reserve Bank of India.
- Suresh Kumar Sethi is the Managing Director & CEO of IPPB.