Global payments solutions provider, Yalamanchili, has announced that its next generation payments platform is underpinning Saral Money, India’s recently announced national electronic payment service created by five of the country’s major banks, Visa and the Unique Identification Authority of India (UIDAI).
The initiative represents India’s bid to promote financial inclusion, by providing tens of millions of financially excluded individuals with a way to receive government disbursements, send money, make purchases at PoS terminals and transact at existing ATMs and selected micro ATMs. Saral Money is a Visa Instant Account which will dramatically simplify the issuer’s customer verification. This includes biometric cardholder authentication linking directly to the individual’s UIDAI-issued identification number, known as an Aadhaar, in order to fulfil the necessary assessment criteria.
The Yalamanchili next generation payments platform processes all transactions made via Saral Money accounts for Axis Bank, Indian Overseas Bank, ITZ Cash (HDFC Bank) and State Bank of India and provides an appropriately coordinated infrastructure to support the initiative.
“Thanks to the versatility of the underlying technologies, this initiative has been able to cut through the historical red tape and open up the banking system to millions of citizens across the country,” comments Ramakrishna Yalamanchili, Founder and CEO, Yalamanchili.
Saral Money is the first national investment in developing a financial inclusion and payment ecosystem for India. The pioneering joint initiative combines Visa’s advanced network technology, the government’s reach and the banks’ extensive facilities to drive the Indian Government’s vision of empowering millions of Indians with a financial identity.
This unique payment solution initially targets specific regions and will support cash transfers for subsidies, scholarships and other government disbursements. The benefits to the consumer come from the ability to receive payments direct to Saral Money and use it to withdraw or remit those funds to family members. For the government, the system helps improve transparency and efficiency while driving the country’s electronic payment and financial inclusion agenda.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.