Transact365, a FinTech based in the United Kingdom, has added cross-border payments for merchants to and from India to its suite of services, according to a Tuesday (Jan. 25) press release emailed to PYMNTS.
Transact365’s gateway solution allows merchants to access new opportunities in India without forming local payment partnerships or establishing an Indian company, giving them access to more than 1 billion consumers across the nation, the release stated.
Transact365 offers two local solutions: Unified Payments Interface (UPI), a real-time payments system that allows inter-bank, peer-to-peer (P2P) and person-to-merchant transactions through mobile devices; and NetBanking, which uses the Transact365 gateway and completes the transaction in real time using the local currency, according to the release.
Additionally, Transact365 launched local payment distribution, which allows merchants to pay their clients in India in real time with application programming interface (API) connectivity. The gateway is also available in Europe, Australia and other parts of Asia and is likely to grow into new markets later this year, the release stated.
“We are pleased to announce that merchants can now use Transact365 to process payment transactions in India,” said Transact365 CEO Dan Fernandez in the release. “By utilizing local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds. Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets.”
Elsewhere in India, the National Payments Corp. of India is testing UPI Lite, a solution that allows UPI-based digital pay without an internet connection. It will likely be used initially in rural areas to allow for digital payments under 200 rupees (about $2.68) and to allow phone users to make digital payments from their bank accounts.
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Read more: India Tests Internet-Free Digital UPI Payments
