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
Ebury exports transaction services offering to Canada
07 November 2017 | Toronto | Reporter: Theo Andrew
The new office is intended to support rising demand for international currency payments and collections, foreign exchange risk management and import finance solutions from Canadian businesses
Deutsche Bank gpi service expands to euro payments
06 November 2017 | Frankfurt | Reporter: Stephanie Palmer-Derrien
Deutsche Bank has launched its global payments initiative service for euro payments, promising to process payments between continents within 30 minutes
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
SWIFT blockchain testing shows progress
13 October 2017 | Brussels | Reporter: Theo Andrew
Challenges remain in the development of unique value propositions and integration with legacy back-office applications
European banks line up for real-time payments launch
10 October 2017 | Paris | Reporter: Theo Andrew
The first group of users are currently testing the platform’s connectivity, as it prepares for a “real-time payments ramp-up in Europe”, with banks including BBVA, CaxiaBank and UniCredit, a company statement said
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
More payments news