Mumbai: NSDL Payments Bank has partnered with Mobileware Technologies for the use of TransXT, a Neo banking ready platform for digital payments.
NSDL Payments Bank – a subsidiary of National Securities Depository Limited (NSDL). It is one of the largest depositories in the world.
Through the Jiffy app, NSDL Payments Bank customers can access seamless banking experience and enable quick, smooth, and secure transactions.
Mobileware Technologies is a technology company which has built the TransXT platform for enabling digital payments.
TransXT platform also dubbed as “Bank in a Box” is a plug and play Open Banking API technology that enables businesses to go live instantly.
The vertical agnostic and borderless platform sits easily into the currently existing systems with interoperability. It creates a payment marketplace instantly for customers requiring access to digital payment methods, using banks as a channel of service.
The technology enables banks, merchants, and startups to create further monetization streams. More so, the platform’s ability to integrate seamlessly with international regulatory frameworks allows it to get rolled instantly in various countries.
Over 30 banks in India including some of the largest private sector banks and thousands of other merchant institutions use TransXT.
In the last six months, the platform has witnessed a transaction volume of over Rs 15,000 crore with over 40 million transaction count in India.
“Digital payments as a service is one of the main offerings for any payments bank and we at NSDL Payments Bank treat it as one of the core services to offer to our digital-first customers,” said CEO, Ashutosh Singh, NSDL Payments Bank.
“With this partnership,we’ll be able to provide more seamless payments experience to our customers using cutting-edge tech-stack of TransXT and take digital banking to a whole new level,” added Singh.
“The TransXT platform has enabled our partners to go live instantly with their payment service offering and also created additional monetization streams,” said Satyajit, Co-founder and CEO – Mobileware Technologies.
“The partnership with NSDL Payments Bank is a testament to the robustness of the TransXT platform,” added Satyajit.
Data from the National Payments Corporation of India (NPCI) reveals that digital payments are back at pre-Covid-19 levels as people continue to prefer contactless payments.
As many as 180 crore transactions, amounting to ₹3.29-lakh crore, took place on the Unified Payments Interface (UPI) platform in September, against 161 crore transactions, involving ₹2.98-lakh crore, in August.
The Immediate Payment Service (IMPS) also touched an all-time high in September, totaling 2.79 crores in numbers and ₹2.48-lakh crore in value. Similarly, payments through Bharat Bill Pay soared to 2.31 crore in September, amounting to ₹3,920.83 crores.
87 per cent of people in India (64 per cent globally) now expect their country to go fully cashless by 2025, revealed a recent Standard Chartered’s global survey.
A report by ICICI Securities revealed that the pace of digital adoption across channels and touchpoints has accelerated and the digital mode constitutes about 87 per cent of retail payments including NEFT.