NSDL Payments Bank a subsidiary of National Securities Depository Limited (NSDL), one of the largest Depositories in the World has partnered with Mobile ware Technologies to offer TransXT, a Neo Banking ready platform for enhancing its digital payments capability.
NSDL ‘Jiffy app’ is the face of NSDL Payments Bank that gives customers a seamless banking experience and enables quick, smooth, and secure transactions.
Mobileware is an innovation-centric technology company that has been creating and developing technologies of the future. Its cutting-edge technology platform” TransXT” is changing the way digital payments are made. Also nicknamed “Bank in a Box”, TransXT is a plug and play open Banking API technology platform that enables businesses to go live instantly. The platform sits easily into the currently existing systems ensuring interoperability. The vertical agnostic and borderless platform 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.
Furthermore, the inherent ability of the platform to integrate seamlessly with international regulatory frameworks enables TransXT to be rolled out to various countries instantly.
TransXT is used by over 30 banks in India including some of the largest private sector banks and thousands of other Merchant institutions. In the last six months, the platform has witnessed a transaction volume of over INR 15,000cr and a transaction count of over 40 million, making it one of the most trusted payments partners in India.
Speaking about the partnership, CEO, Ashutosh Singh, NSDL Payments Bank said, “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. With this partnership, we believe that we’ll be able to provide more seamless payments experience to our customers by using the latest cutting-edge tech-stack of TransXT and take digital banking to a whole new level.”
Speaking on the partnership, Satyajit, Co-founder, and CEO said, “We have been getting tremendous response from our customers for the TransXT platform. It has enabled our partners to go live instantly with their payment service offering and also created additional monetization streams. The partnership with NSDL Payments Bank is a testament to the robustness of the TransXT platform”
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.
A recent global survey by Standard Chartered revealed that 87 per cent of people in India (64 per cent globally) now expect their country to go fully cashless by 2025. 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.