Pune, India
29 November 2016
Reporter: Stephanie Palmer

HSBC helps work towards cash-free India

HSBC India has launched a new unified payments interface (UPI) solution for corporates in the country.

The new platform, managed by the National Payments Corporation of India is part of the Reserve Bank of India’s strategy to migrate towards a ‘cashless society’.

Allowing corporates to make and receive payments digitally, it is intended to give clients access to secure and efficient real-time payments.

Corporate customers will be able to efficiently collect payments made by consumers using mobile devices, in a bid to reduce dependence on cash and to offer a more convenient way of making payments.

It should also mean faster realisation of funds and a reduction in cost-in-transit for corporates.

Divyesh Dalal, head of global liquidity and cash management for India at HSBC, said: “The government’s emphasis towards increased digitisation across platforms has paved the way for UPI-led payment solutions.”

“Given the enhanced coverage, interoperability and cost dynamics, we expect the acceptance of UPI-based payments to increase over time. Our UPI offering aims at providing a channel-agnostic collection solution to corporates, which will enable them to drive sales through increased digitisation of flows.”

Umesh Revankar, CEO and managing director of India’s Shriram Transport Finance Company, said the UPI could be a “game changer” that will “enable us to meet our strategic objective of migrating to electronic form, thereby gradually reducing the incidence of paper and cash”.

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
ECB to launch new faster payments system
22 June 2017 | Frankfurt | Reporter: Stephanie Palmer
The European Central Bank (ECB) is expanding its TARGET 2 instant payments system to facilitate retail payments throughout Europe
New liquidity management solutions set to manage cross-border payments
15 June 2017 | New York | Reporter: Stephanie Palmer
J.P. Morgan has launched two new liquidity management solutions for cross-border payments
SIA to provide Icelandic payments update
13 April 2017 | Reykjavík | Reporter: Stephanie Palmer
The Central Bank of Iceland has selected technology infrastructure provider SIA to implement and support its new real-time gross settlement system and instant payment platform
PayCommerce hails successful instant payments test
31 January 2017 | Edison, New Jersey | Reporter: Stephanie Palmer
Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology...
EBA and SIA launch instant payments testing
19 January 2017 | Milan | Reporter: Stephanie Palmer
Testing has gone live for EBA Clearing’s pan-European instant payment infrastructure, before its scheduled go-live date in November...
SWIFT tests blockchain for cross-border payments
12 January 2017 | La Hulpe | Reporter: Mark Dugdale
SWIFT is exploring whether banks can use distributed ledger technology to improve the reconciliation of their nostro databases in real time to optimise their liquidity globally...
More payments news