FSS partners with India Post Payments Bank to promote financial inclusion among the underserved and unbanked segments

FSS (Financial Software and Systems), an integrated payment solutions provider, has partnered with India Post Payments Bank (IPPB) to promote financial inclusion among the underserved and unbanked segments.

As part of the collaboration, IPPB will use FSS’ Aadhaar-enabled Payment System (AePS) services to deliver interoperable and affordable doorstep banking services to customers across India.

 “In 2017, FSS got into a relationship with India Post when they set up IPPB. FSS’ AePS solution, combined with IPPB’s expansive last-mile distribution reach, will empower citizens of the country with a range of digital payment products and advance India’s vision towards a less-cash economy,” Krishnan Srinivasan, Global Chief Revenue Officer, FSS, said.

FSS is also IPPB’s preferred payment partner for Bill Payments, UPI, Card Management System, PoSability, Aadhaar Pay, Smart Recon and Switching systems.

Highlighting the benefit of AePS-based cash withdrawal solutions, FSS said in a press release that the average time to reach a banking access point in rural and peri-urban areas potentially ranges between 1.5 and 5 hours, compared to the average of 30 minutes in urban areas.

Using FSS’ AePS solution and leveraging its vast network of over 136,000 post offices and 300,000 postal workers, IPPB will serve the unbanked and underbanked population in the rural parts of the country, including nearly 410 million Jan Dhan account holders.