A strategic investment has been made by ACI Worldwide, a global provider of real-time electronic payment and banking solution. This investment has been made in Mindgate, a Mumbai-based PayTech company.
Mindgate is known to be the market leader of India in terms of processing transactions for the Unified Payments Interface (UPI). UPI is a mobile-based platform known for real-time payments developed and managed by National Payments Corporation of India (NPCI).
However, the financial details of the deal were not exposed but the two companies will be working together in order to combine Mindgate’s digital overlay services with ACI’s universal payments software to create a joint real-time payment solution.
UPI is something which allows the account holders at participating banks in India to make and receive person to person(P2P) as well as Consumer-to-business(C2B) payments simply from their phone with a single identifier.
Eight out of 10 of largest banks in India use ACI’s UP solutions for needs of critical payments, whereas 70% of UPI transactions are presently routed through Mindgate-customer banks.
UPI is in fact now the second most common payment method in India when it comes to online payment options and it is also expected to account for more than 50% of the digital payment transaction in the country by 2023.