UPI will emerge as an important initiative to transform India: Raj Jain, RS Software

India Infoline News Service | Mumbai | April 11, 2016 14:33 IST

RS Software (India) Limited is selected as the technology provider to The National Payments Corporation of India (NPCI) for the United Payment Interface (UPI).

Commenting on the occasion, Raj Jain, Chairman & Managing Director, RS Software (India) Ltd said, “The launch of the Unified payment interface (UPI) will go down in history as amongst the most important initiatives to transform India. This is an unprecedented moment for India and we are humbled to be part of this revolutionary initiative, and actually getting the opportunity to build this for NPCI and our country. For us, it is an emotional moment like that of a surrogate mother. RS Software is a company that is focused for over two decades now in core payments, and we have deployed world class technology that will leapfrog India; pretty much like what the telecom revolution did for India in the late 1990s, if not at a significantly higher scale.”

He further said, “UPI brings immeasurable opportunities for all in India. Aadhaar and UPI now come together and help the individual to conduct commerce anytime anywhere. This Innovation will bring the consumer, the merchant and the banks on a common platform, creating a plethora of services that are unheard of in today's global payment offerings. It is a great moment for the banks to transform their business model and offer superior customer reach, security and convenience. For the 60 million small businesses in India, it is time to now leverage UPI and grow Ecommerce. Convenience, security and speed enabled by UPI will accelerate adoption and help to achieve the vision of a digitally empowered economy. This is the vehicle that will bring together Prime Minister’s Jan Dhan Yojana (comprehensive financial inclusion), Aadhaar (National identity card), and Mobile (India’s 900+ million mobile phone infrastructure). It is the enabler for a seamless payment experience in an economy that is being strengthened by new policies and initiatives, and is of critical importance to the future of electronic payments globally.”