HSBC India has announced the roll-out of its Unified Payments Interface (UPI) solution for corporates in India. The solution enables corporates to make and receive payments digitally leveraging the UPI platform, which is managed by National Payments Corporation of India and is part of the Reserve Bank of India’s strategy to migrate towards a ‘less-cash’ society. As one of the first banks to introduce a UPI offering for corporates in India, HSBC is enabling its customers to benefit from secure and efficient real-time payments.
The new HSBC UPI solution enables corporate customers to efficiently collect payments made by their consumers using mobile devices. This reduces dependence on cash and provides their consumers with a more convenient way of making payments. It also enables faster realisation of funds and reduces the cost of cash-in-transit for corporates. Key sectors expected to take advantage of the mobile collections functionality include e-commerce, retail, insurance, telecoms, utilities and others with recurring receivable payments.
Commenting on the launch, Divyesh Dalal, Head of Global Liquidity and Cash Management, India, 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.”
Diane S Reyes, Group General Manager and Head of Global Liquidity and Cash Management, HSBC, added, “Our UPI-enabled platform for corporates in India is a result of our investment in payments innovation. It demonstrates our commitment to delivering the most secure and beneficial digital transaction services. Digital payments are critical to overcoming the challenges of a cash-fuelled economy, which many other markets are grappling with. The UPI will play an instrumental role in India’s move to a less-cash society and we are pleased to be taking an active part in helping our corporate customers benefit from this.”
Speaking on the launch of UPI, Umesh Revankar, CEO and Managing Director, Shriram Transport Finance Company, said: “HSBC’s UPI offering will act as a game changer and enable us to meet our strategic objective of migrating to electronic form, thereby gradually reducing the incidence of paper and cash.”