Mobile payments and loans start-up ftcash has tied up with ICICI Bank to launch Unified Payment Interface (UPI) for merchants. With this, you can now pay even your neighbourhood vegetable seller or your newspaper vendor using UPI.
Ftcash, launched in mid-June 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, is a virtual point of sales (POS) for micro-merchants to accept payments through credit cards, debit cards, wallets such as Freecharge, Mobikwik, PayPal etc. UPI is the latest addition to this open architecture platform.
Sanjeev Chandak, CEO, ftcash said “Open architecture allows us to provide multiple payment option to the customers. With UPI integrated in association with ICICI, we are able to provide flexibility to our 5,000+ merchants to accept electronic payments at a lower cost and better convenience. ftcash aims to empower 60+ million micro-merchants such as milk vendors, newspaper agents, kirana stores, etc. with the power of digital payments and loans. With the potential ease of use provided by the UPI platform, digital payments may finally be adopted in a big way in India”.
The National Payments Corporation of India (NPCI) started working on UPI in February 2015 and announced its launch in April this year. UPI builds on the Immediate Payment Service (IMPS), which is used by banks for real-time transfer of cash.