DBS Bank India is partnering with Transport Corporation of India Limited (TCIL), which works in supply chains and logistics services, to provide truck drivers with instant payments via an application programming interface (API) solution, according to a press release.
The DBS RAPID (Real Time APIs by DBS) system will work with the National Payments Corporation of India (NPCI) and UPI payments to integrate with the company's enterprise resource planning (ERP) system to allow truck drivers to receive instant credits in their bank accounts, which they can use at ATMs, according to the release.
By partnering with DBS, TCIL has been able to work with reduced turn-around times and better mobilization of goods in order to enhance customer experiences and reduce dependency on cash, the release states. By using less cash and also reducing costs for digital payments, more fleet operators have chosen to use the services.
Divyesh Dalal, head of Global Transaction Services for DBS Bank India, said in the release that the new solution "enables truck drivers to live hassle-free and manage their expenses with ease, thereby aligning with our commitment to supporting lives and livelihoods."
NPCI Chief Operating Officer Praveena Rai said the partnership would be a boost for truck drivers.
"We believe, this initiative will empower truck drivers as they can now receive money real-time with UPI, to manage their day-to-day expenses," Rai said, according to the release. "We aim to provide a convenient and safe UPI transaction experience to all sections of society."
Rai said NPCI urges businesses to adopt more digital means of payments.
The trucking industry has long relied on cumbersome paper payments procedures, but that is starting to change as trucking companies work to automate accounts payable (AP) solutions in order to improve their services.
The pandemic upended supply chains by forcing people to stay apart lest they get infected by the coronavirus, but demands were great as people ordered more online. The challenge was in updating the oft-complex channels of payment to be digital and more efficient.