FSS AadhaarPay Wins Best Alternative Payments Awards at Payments Awards UK

  • Revolutionizes bank’s merchant eco-system with the state-of-the-art biometric enabled merchant payment acceptance system
  • Facilitates payments through biometric authentication, without the need for a physical payments instrument

FSS AadhaarPay, a biometric-enabled merchant payment acceptance solution, has won the Payments Awards UK in the “Best Alternative Payment Award” category. The awards were announced at the 5th Edition of the Annual Payments Awards, at a prestigious awards ceremony in London.

In emerging markets, with limited points of acceptance, FSS AadhaarPay, a biometrically-enabled transaction solution, leverages the ubiquity of mobile connectivity and the national identity number (Aadhaar, covering 99% of India’s population) to roll-out a wide-scale, digital acceptance payment network. FSS AadhaarPay allows merchants to leapfrog expensive, legacy POS solutions and accept customer payments through their national identity number (Aadhaar) linked bank account without the need for a physical payment instrument.

FSS AadhaarPay is deployed by India’s leading merchant acquirer, enabling the bank to reshape economics of conventional acceptance models and target previously under-penetrated micro-merchant segments, thereby easing the way for rapid merchant onboarding and expansion of the ecosystem.

Commenting on the achievement, Suresh Rajagopalan, President, Software Products, FSS, said; “The award is a validation of our ability to develop acceptance products and solutions relevant to the needs of acquirers in our chosen markets. AadhaarPay offers an alternative solution to cost-efficiently and rapidly expand the number of acceptance points in countries with scant POS penetration, providing a bridge to digital payments to millions of merchants and consumers.

Organized by FStech and Retail Systems, Payments Awards UK recognizes excellence within the card and payment industry, including those companies which have launched or implemented the most outstanding payment solutions, initiatives and projects during the past year.

Earlier this year, FSS AadhaarPay won the Best Mobile Experience (International Fintech) provider award at the Best in Bank Customer Experience Summit at Chicago, USA.

FSS has spearheaded the growth of retail and wholesale payments globally through a rich portfolio of payments products and services. The rapidly growing FSS clientele includes 100 leading banks as well as some of the world’s largest processors and retailers. In India, the FSS domestic client portfolio comprises 35 plus banks including leading public and private sector banks in the country.

Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services built over 25 years of comprehensive experience across payments spectrum.

FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its end-to-end payments suite powers retail delivery channels such as ATM, POS, Internet, Mobile and Financial Inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.

Headquartered in Chennai, India, the company services 100+ customers across the globe, which include leading public and private sector banks in India and some of the large Banks, FIs, financial software Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and has a team of over 2500 experts serving the clients across the globe.