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FSS bets big on its new product 'FSSPay'

DH News Service, Bengaluru, Uma Kannan, Jan 15 2018, 20:11 IST
The company, which works with over 35 banks in India, provides technology and processing solutions for all the payments channels.

The company, which works with over 35 banks in India, provides technology and processing solutions for all the payments channels.

Financial Software and Systems (FSS), a leader in payments technology and transaction processing, is betting big on its recently launched FSSPay, an omni channel agnostic plug-in, which supports multiple international and local payment methods.

For a few weeks now, the company has been conducting soft trials of FSSPay, which is considered to be a game changer, as merchants no longer have to negotiate with multiple banks for payment acceptance.

"It provides seamless connectivity to multiple banks at the back-end," said Suresh Rajagopalan, President-Software Products, FSS.

The company, which works with over 35 banks in India, provides technology and processing solutions for all the payments channels. It has over 100 customers globally.

"We manage over 40,000 ATMs for over 35 public and private banks across the country," said Rajagopalan, adding, that the company is now shifting its focus towards merchants.

FSS enjoys 20% share of the ATM market in India and 70% share of the total card market. It also has 25% share in the ecommerce market in the country, and collectively, its solutions touch an approximate 5% of the world's population.

Apart from India, the company, which is funded by Jacob Ballas Capital India Private Limited, New Enterprise Associates and Premji Invest, has presence in the Middle East and North America markets, and it is now expanding to African markets.

"The mobile payments space has got huge opportunities and we are working on products keeping new technology like AI, machine learning, cloud computing and big data in mind," said Rajagopalan, adding digital push and demonetisation had a positive impact on FSS portfolio. "Our Payment Gateway business has recorded a 40% year-on-year growth," he said.

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