George Sam, co-founder & business head, Mindgate Solutions

ACI Worldwide has announced a strategic investment in the Indian digital payments provider and processor of UPI (Unified Payments Interface), Mindgate Solutions in a bid to jointly deliver real-time payments with the combination of ACI’s UP software solutions and Mindgate’s digital overlay services. Mindgate aims to utilize the funding in the expansion of its global footprint.

According to the supplier, the new solution will be made available for banks, financial intermediaries and merchants in India. It will also be offered to other international markets via a cloud or hosted model. The partnership is also expected to support the adoption of real-time and digital payments as well as drive UPI’s success across the Indian retail payments market.

“We have long admired ACI, a real-time payments pioneer with a long track record of success in India and across the world. Our alliance will result in a joint solution that is future-proof, flexible and scalable,” said George Sam, co-founder & business head, Mindgate Solutions. “The combination of ACI’s proven switch capability along with Mindgate’s overlay services, flexibility and agility will empower banks, merchants and intermediaries to fully capitalise on UPI’s extraordinary growth.”

UPI is a mobile-based, real-time payments platform in India developed and managed by the National Payments Corporation of India (NPCI). UPI enables all bank account holders in India (of banks participating in the UPI scheme) to send and receive money from their smartphones with a single, simple identifier. UPI can be used for Person-to-Person (P2P) payments and Consumer to Business (C2B) payments.

“We are very excited to join forces with Mindgate. Their strong and talented team develops and delivers cutting-edge solutions and services, and we look forward to embarking on this real-time payments journey with them,” said Phil Heasley, president and CEO, ACI Worldwide. “The global real-time and digital payments transaction opportunity is vast, and with the Mindgate and ACI alliance, we are well-positioned to capitalise on this growth opportunity—providing to banks, corporates, merchants and payment intermediaries the world’s leading real-time payments offering.”

Established in 2008 in Mumbai, Mindgate software processes 30 million digital transactions globally and 70% of UPI transactions are routed through Mindgate customer banks.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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