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FSS Closes India’s Financial Exclusion Problem With Launch of UPI eVoucher

FSS‘s (Financial Software and Systems) Unified Payment Interface (UPI) Suite will now support eVouchers; a move that is hoped to accelerate digital payments adoption amongst India’s financially underserved.

The addition of eVouchers to the FFS UPI is set to enable customers to transfer funds to any mobile number, for a specific purpose in real-time, regardless of whether the beneficiary has a bank account or not.

How the eVoucher Works

For low-income, unbanked customers, the eVoucher functions as a source of funds and serves as an entry point into the digital system.

The workings of the service are simple:

  1. Customers can generate an eVoucher, by invoking the payment service provider’s UPI app or mobile banking app.
  2. They must then specify the mobile details of the beneficiary, amount, and merchant, where the voucher can be redeemed.
  3. At the backend, the FSS UPI system authorises the transaction and transmits the voucher to the beneficiary’s mobile device in the form of a QR or a SMS numeric string.

In India, the pandemic has accelerated the adoption of digital payments by approximately five to ten years. Underlining the growing demand for digital payment, India’s UPI processes a record 3.5 billion transactions monthly and represents the fastest growing payment rails in India.

Currently, the adoption of UPI services is restricted amongst customers of participating banks. But with the introduction of the eVoucher, payment service providers for banks will be able to exploit the ubiquity of mobile telephony to reach unbanked users. 

India currently has around 1.1 billion active mobile users, of which 500 million are situated within rural areas. As it’s possible to send the eVouchers through SMS or QR codes, it eliminates the need for customers or merchants to invest in additional infrastructure.

With this in mind, it will allow payment service providers to start launching new customer-centric propositions including payroll services, supplier payments and gift vouchers, that are all able to exist and function through a mobile device alone.

Jaishankar A L, CEO, FSS Paytech
Jaishankar A L, CEO, FSS Paytech

Speaking on the launch, Jaishankar A L, CEO of FSS Paytech, said: “India’s UPI is globally recognised as the most advanced real-time payments infrastructure and accounts for an approximate 73% of total digital transaction volume within the country. The UPI platform is one of FSS’ flagship products and we are excited to launch the UPI eVoucher, enabling bank PSPs to bring new innovations that benefit multiple customer segments and strengthens India’s digital economy.”

The FSS UPI platform is trusted by leading bank PSPs in the country. The FSS UPI platform supports standard interfaces for integration with third-party fintech systems. In addition, FSS UPI mobile SDK provides third-party providers — banks, fintechs, retailers, wallet providers – a quick out-of-the-box integration capability, for embedding UPI payments into existing apps.

Continue reading: India Post Payments Bank Teams Up With FSS to Help Unbanked


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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