Kolkata-based tech giant RS Software (India) Ltd. has taken its first step into developing a global payments integration platform to ease international trade flows, following its pivotal role in building India’s Unified Payments Interface (UPI) in 2015.
The company is set to invest over Rs 100 crore over the next five years to further strengthen its payments network across India — an ambitious move aligned with India’s rising influence in the fintech space.
With the government entering into several bilateral agreements to enable members of the Indian diaspora to use UPI for payments abroad, RS Software is actively working with the National Payments Corporation of India (NPCI) to integrate these international payment systems.
The integration of bilateral payment platforms is currently underway across 10 countries, including the UAE, Singapore and France.
RS Software MD & CEO Raj Jain confirmed the development, noting that UPI’s growing global footprint has opened the door for India to collaborate with other nations on digital payment interoperability.
According to Jain, RS Software has been instrumental in executing many of these bilateral integrations alongside NPCI. The company sees immense opportunity in addressing longstanding challenges in cross-border transactions, which in 2024 reached a total value of $162 trillion. These transactions often suffer from high fees, sluggish settlement times and lack of transparency.
Jain feels that there is a need to make low-value cross-border payments simpler and more efficient. To closely focus on the next phase of development, the company recently appointed Samik Roy as COO. Roy will be overseeing the integration of international digital payment systems and expanding the company’s global footprint. (By Tanya Bagchi, Special Arrangement with www.shortpost.in)
