NPCI Unveils Agentic AI-Powered IoT Payments via UPI, Signaling India’s Next Leap in Intelligent Commerce

The National Payments Corporation of India (NPCI) today showcased a live demonstration of Agentic AI-based IoT Payments powered by UPI, highlighting the next phase of seamless, intelligent digital transactions.

Image - X/Kushal Jasani

The demonstration was presented in the presence of Shri Nandan Nilekani, Co-Founder & Chairman, Infosys and Hon. Advisor to NPCI on Innovations & Public Policy. The feature, which is currently in the pilot stage, showcased how users can discover and order items seamlessly from merchants through AI platforms such as Gemini, bringing greater convenience and personalization to digital commerce.

The solution is enabled by user-authorized AI chatbots, agents, and applications capable of initiating UPI payments based on contextual triggers, voice or text commands, and user-defined routines. These AI-powered systems can operate across devices, ensuring secure, efficient, and intuitive payment experiences.

Shri Nandan Nilekani

This demonstration marks a significant step toward the convergence of AI, and digital payments, underscoring NPCI’s commitment to driving innovation and shaping the future of India’s digital economy.

The demonstration was attended by Shri Nandan Nilekani, Co-Founder & Chairman of Infosys and Hon. Advisor to NPCI on Innovations & Public Policy, underscoring the strategic importance of this innovation in India’s fintech roadmap.

From Discovery to Payment: AI Agents Take the Lead

The pilot illustrated how user-authorized AI chatbots and applications—such as those powered by Gemini—can autonomously discover products, place orders, and initiate payments via UPI. These agents respond to contextual triggers, voice or text commands, and user-defined routines, offering a frictionless and personalized commerce experience.

“Agentic AI is redefining digital payments by making them intuitive, secure, and context-aware,” said an NPCI spokesperson. “This is not just a technical upgrade—it’s a shift toward intelligent commerce.”

A New Era of Seamless Transactions

The solution enables payments across IoT devices, allowing users to interact with smart platforms—from wearables to home assistants—without manual intervention. By integrating AI with UPI’s robust infrastructure, NPCI aims to simplify everyday transactions while enhancing security and personalization.

This initiative complements NPCI’s broader push toward biometric authentication and risk-based models, including recent rollouts of fingerprint and facial recognition for UPI payments.

Strategic Vision for India’s Digital Economy

The demonstration reflects NPCI’s commitment to shaping the future of India’s digital economy through innovation. Speaking at the event, Nilekani emphasized the convergence of AI and payments as a critical frontier for financial inclusion and user empowerment.

As the pilot progresses, NPCI plans to expand the capabilities of Agentic AI across sectors, potentially transforming retail, mobility, and public services.

WorldRemit to Acquire Sendwave

Today digital, global cross-border payments company WorldRemit announced it has agreed to acquire Sendwave, a rapidly growing app-based remittance company in a cash and stock transaction that is expected to close, subject to licensing and regulatory approvals, in Q4 2020.

Founded in 2014, Sendwave has built a leading and rapidly growing digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.

“Both WorldRemit and Sendwave share a common purpose: allowing customers to easily and cost effectively send financial support to families, friends and businesses in other countries,” said WorldRemit CEO, Breon Corcoran. “WorldRemit has one of the broadest and most accessible networks for money transfers globally. Combining it with Sendwave, which offers instant, no/low-fee and fully digital payments from North America and Europe to Ghana, Nigeria, Senegal and East Africa, addresses customer needs for fast and secure digital payments - especially given today’s travel restrictions and economic turmoil.”

“Our users send money so their loved ones can pay for necessities like utilities, healthcare and school fees. 'Sendwave'-ing money is as easy as sending a text – one less worry for the hard-working and generous diaspora communities that we serve,” said Will Fogel, CEO Sendwave. “We’re eager to combine WorldRemit’s wide reach with our recipe for success in areas like Kenya, Ghana, and Nigeria. Together, we can achieve a better service for current and future users.”

In the last 12 months, ending 30 June 2020, WorldRemit and Sendwave have sent approximately US $7.5 billion in transfers, generating approximately US $280 million in revenue. This represents a YoY growth of over 50% for the year ended June 2020 relative to historic combined revenues. On a pro forma basis, the combined company will have over 100 send licences including for every US state, across a network that includes 50+/150+ send/receive countries and almost 8,000 payments corridors, a broad footprint that serves a large, but fragmented $715 billion remittances market that the World Bank estimates is growing at a 10% annual CAGR.

About WorldRemit

WorldRemit was founded in 2010, and serves over 4 million customers. Through our digital services customers can send 90 currencies to 150 countries, across almost 8 thousand corridors. Recipients benefit from one of the widest ranges of money-out options including bank deposit, mobile money, and cash pickup. Our investors include Accel, TCV and Leapfrog. Accel and TCV are long-term investors in well-known brands including AirBnB, Facebook, Spotify and Expedia.

About Sendwave

Sendwave was founded by Drew Durbin and Lincoln Quirk with the mission of making sending money cross-borders as easy as sending a text. Upon consummation of the transaction, Sendwave’s founders will continue working on projects that bring access to financial services in Africa, on an independent basis.

Paytm Payment Gateway partners with StockHolding Corporation of India Limited

India’s largest payment gateway, Paytm PG has entered into a partnership with StockHolding Corporation of India Limited (StockHolding) to provide payment gateway services. With this, Paytm PG will facilitate seamless transactions on StockHolding's website and app for its over 5 crore customers. In addition to this, StockHolding users will also be able to access depository services on their Paytm app.

With a network of over 200 branches, StockHolding is one of India’s largest Depository Participant and provider of Custodial Services. A pioneer of Demat services in the country, it manages over Rs 38 lakh crores in AUC (Assets Under Custody). Now onwards, all transactions done on the platform will be channeled through Paytm PG.

Abhay Sharma, Sr. Vice President - Paytm said, "We are happy to partner with StockHolding, which is one of India’s premier financial services provider to both corporates & individuals. With our technology-driven innovative payment gateway, we will enable ease of operations for StockHolding Clients, thereby moving towards a more efficient and digital way of managing their financial transactions."

StockHolding spokesperson said, "We are happy to partner with Paytm which is one of the leading fintech in India with a technology-driven innovative platform. We are the first Depository Participant offering DP Bill Payment facility through the Paytm application. This will definitely improve the ease of operations for clients."

Paytm Payment Gateway is a leader in India with over 50% market share and processes over 400 million monthly transactions. This includes transactions through cards, UPI, wallets, and net banking. With more than a million merchant partners, it offers several unique services, such as Payouts & Recurring payments, OTP less card payments, instant refunds and pre-authorization flow that addresses the needs of both B2B and B2C companies.    

Advancing Contactless Payments: Infineon and Fingerprint Cards Join Forces to Drive Mass Deployment of Biometric Cards

Biometric payment cards with integrated fingerprint sensor make contactless payments more convenient, more secure and hygienic. The contactless card remains in the hands of the cardholder throughout the entire payment transaction, while eliminating the need for PIN entries or signatures to authorize even high-value payments. Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and Fingerprint Cards AB (Fingerprints™, STO: FING-B) have joined forces to enable mass deployment of this emerging solution.

The world leaders for security controller in contactless payment and for fingerprint sensors incl. their related software aim to provide card makers with biometric semiconductor solutions which make integration particularly cost-efficient and scalable. The fingerprint information is stored on the card’s embedded secure element and not shared with any third party, thus protecting the user’s credentials.

“Authorizing payments without handing over the card is a huge step forward in terms of user experience, data security and hygiene. We selected Fingerprints as they are the leading biometric silicon and technology provider with market proven performance. Jointly, we want to drive the industrialization of biometric payment cards from a niche into mass market rollout,” said Bjoern Scharfen, Head of the Payment and Transport Ticketing product line at Infineon. “Combining Fingerprints’ leading biometric technology with our expertise in chip security, energy efficiency and contactless performance, we will develop a system solution that is easy to integrate and gives our customers a head start in an emerging growth market.”

“Collaboration is key in the payment ecosystem, in which Infineon is a leading player. Together we will produce an optimized solution that will make it easier for card manufacturers to integrate biometrics into future generations of contactless payment cards, ultimately putting these cards into the hands of consumers around the world to enable a worry-free payment experience,” says Michel Roig, SVP Business Line Payments & Access at Fingerprints.

Fingerprints’ sensor modules, combined with Infineon’s 40 nm high-performance and energy-efficient security controllers based on the 32-bit ARM® SecurCore® SC300™, fully support the requirements of biometric payment cards. They enable:

• Secured matching of the fingerprint image within the security controller where the private data is securely stored


• Excellent contactless performance despite the increased power required


• Convenient and reliable enrollment of sensitive biometric data in the card

Almost every second payment card with a chip worldwide has an Infineon security controller at its core Infineon also supplied chip solutions for major biometric card projects and pilots in 2020. For further information about Infineon’s payment security controllers, please go to www.infineon.com/payment

Further information about Fingerprints’ solutions for payment device manufacturers is available at https://www.fingerprints.com/solutions/payments/device-manufacturers/

Mswipe launches "Bank Box" to Revolutionize the Digital Payment Landscape for SMEs

• New affordable offerings comprising of zero rental and zero MDR solutions
• Small businesses can collect and pay digitally even without a bank account
• Enters issuance business with Mswipe Moneyback Card to help merchants earn as they spend
• One-time digital KYC for hassle free and instant signup

Mswipe announced today the launch of Bank Box, a digital acceptance and payment solution designed to meet the cost-centric needs of MSMEs and merchants, as well as provide for a seamlessly integrated experience. Through this launch, Mswipe aims to pave the way for a futuristic payment solution platform and address key challenges that merchants and MSMEs face, with recurring costs on POS terminals like PoS rentals and Merchant Discount Rate (MDR).

Mswipe, India’s largest merchant acquirer with a network of 6.75 lakh POS and 1.1 million QR merchants, set out with the vision to build a cutting edge product – one that combines their acquiring and issuing platforms into a one-stop-shop, “Bank Box”, which enables easy signup, instant activation of the terminal and lifetime zero rental and zero effective MDR for merchants.

Manish Patel, Founder and CEO, Mswipe said, “COVID-19 has significantly impacted the earnings of small businesses, which in turn has led to curbed expenditures from their end. As a market innovator, Mswipe is helping MSMEs and merchants control costs incurred while accepting digital payments and further incentivize them to make digital payments. Essentially, Mswipe’s Bank Box facilitates small, medium and micro businesses to break into the digital ecosystem at the lowest possible TCO and sign up - even if they do not have a bank account.” 

With a one-time digital KYC, businesses can choose between Bank Box Go - a POS solution with zero rental and zero MDR or Bank Box Lite - a QR solution with 0 rental and 1% cashback on all transactions and instantly go live. In both offerings a merchant gets a UPI QR and a Moneyback Card. Bank Box Go additionally provides an affordable mPOS capable of accepting chip + pin and contactless card payments. For Bank Box Go merchants have to pay a one-time fee of Rs. 4,000 plus taxes while for Bank Box Lite, they pay only Rs.199 plus taxes.  

Sameer Hoda, President, Strategy and Operations, Mswipe said, “With Bank Box we have democratized the digital acceptance and payments ecosystem for the smallest of businesses by giving them a choice. With Mswipe now both an acquirer and issuer, we have provided an end-to-end digital enablement of MSMEs and merchants and empowered them to join the Digital Bharat movement.”

While mPOS allows acceptance of multiple modes of payments including UPI, Visa, Mastercard and American Express, mQR accepts payments from more than 150 UPI and mobile banking apps like PayTM, Axis Bank and BHIM among others. To spend digitally, merchants can load their Mcard with up to Rs. 1,00,000 per month 

Mswipe is targeting merchants with an average daily digital collection of Rs. 2,000 - Rs.2,500 in tier 3-4 markets and Rs. 8,000 - Rs. 10,000 in Metro and semi-urban areas.

About Mswipe:

Mswipe aims to be India’s largest financial services platform for SMEs and merchants by providing seamless mobile POS and value-added Services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 1 million QR merchants across the country. Mswipe offers a host of POS solutions for all types of payment acceptance - cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Partners India, DSG Partners and Epiq Capital.

MYPINPAD the World’s 1st to Achieve PCI Accreditation for Contactless Payments on Mobile and Tablet

MYPINPAD, the global leader in secure personal authentication solutions is the first company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its Android software-based Contactless Payments on Commercial off-the-shelf (CPoC) solution, enabling contactless payments on smart devices. As the first solution globally certified to accept contactless payments on these devices without requiring additional hardware, this significant step accelerates unparalleled possibilities in customer experience innovation for merchants and other businesses in the payments chain.

Accreditation for MYPINPAD’s contactless payment solution follows the company’s recent PCI SSC SPoC certification for its software only PIN Entry solution for iOS and Android (PIN on mobile), also a global first. The combined capability of tap and PIN on smart mobile devices means a 100 percent software-based payments future. It enables all merchants globally to democratise payments with integrated, scalable digital customer experiences, replacing traditional POS terminals with smart mobile devices.

This announcement is fantastic news for face to face retailers and service providers, creating access to a lower cost, highly secure PCI certified contactless solution. This is especially timely with contactless limits around the world being raised in response to COVID-19, which has seen cash usage reduced by half. With long-term effects of the pandemic uncertain,MYPINPAD is taking steps to help future proof retailers by creating a face-to-face payment system that is more flexible, safer, and available to businesses of all sizes.

MYPINPAD’s goal is to help drive mobile device acceptance exponentially from 100 million currently to over 400 million by 2024.

CEO of MYPINPAD, Colin Greene, commented: “With each new accreditation we get closer to the true democratisation of payment acceptance. This ultimately means more secure digital payment experiences for merchants and consumers worldwide. That’s why we are delighted to be the first company in the world to have achieved PCI certification for our contactless solution, especially after our recent announcement of being the first to achieve PCI accreditation for our PIN-entry software only solution on IOS and Android. By increasing access to lower cost, highly secure and innovative globally certified payment solutions for the industry and our partners, we promote both growth and financial inclusion."

Blake Rosenthal, Executive Vice President of Acceptance Solutions at Mastercard, adds; “Consumers and merchants are looking for fast, safe, and secure checkout experiences,” “MYPINPAD’s PCI accreditation is a key milestone to the growth, diversification, and scale of contactless payment solutions, increasing speed at checkout and reducing operational costs by eliminating all hardware accessories."

MYPINPAD’s solution is easily integrated intothird party applications and delivered ‘As-a-Service’. It reduces cost across the entire face-to-face payment ecosystem by meeting PCI security standards through software updates alone. This relieves pain-points like the cost of traditional payment and POS hardware for smaller retailers, while serving larger retailers by significantly reducing maintenance, replacement costs of aging hardware-centric POS systems and improving CX with trusted and familiar devices.

Visit www.mypinpad.com to discover more about this transformational technology.

MYPINPAD is the global leader in secure personal authentication solutions residing on commercially available smartphones and tablets. MYPINPAD’s proprietary and globally patented technology removes the reliance on specialised hardware for personal authentication.

Noida-based Pine Labs to Buy Asian Biz of German Payment Firm Wirecard

Noida headquartered and Paypal-backed Pine Labs, which provides financing & last-mile retail transaction technology, may buy out the Asian business of debt-ridden German payments company Wirecard, reported Economic Times, citing three people aware of the talks. Pine Labs is in initial discussions currently, said the report.

Citing a person aware of the conversations, the ET report further said, "Multiple other players have also expressed interest in the company’s assets in the region. The legality of the matter still has to be seen."

Besides Pine Labs from India, there are sale enquiries from other compannies as well, as at least four major payment deployers including Hitachi Payments and Atos-backed Wordline Technology.

In a statement to ET, Amrish Rau, CEO, Pine Labs said, Pine Labs is a leading payment and instalment provider in India and South East Asia. We continue to expand our footprints. We wouldn’t like to comment on this topic [buying Wirecard]."

It is to be noted that there are a couple of Indian lawsuits against Wirecard AG’s former COO, Jan Marsalek, who allegedly played a central role in deals that were later stucked in disputes over valuations and unpaid fees. In one of the civil cases, the previous owners of Indian payments company Hermes I-Tickets Private Ltc., are suing former COO Jan Marsalek alongside Wirecard over allegations it made false claims about past payments to the Indian firm. The lawsuits allege that ex-COO was involved in two Indian transactions.

About Pine Labs, the China's Temasek backed company is one of Asia's leading merchant commerce platforms. Last month, Pine Labs launched Pine Labs Paper POS -- an all-in-one solution for accepting multiple forms of Unified Payments Interface (UPI) and Bharat QR payments through a single merged static QR at the point of sale, available for merchants.

50% Indians will Make 5 and more E-Payment Weekly during 2021 in Contrast to 17% Last Year

According to analysts of Robocash Group, more than half of Indians will make five and more e-payment weekly during 2021 in contrast to 17% in 2019. At the same time, the share of unsecured consumer loans issued online will approach 50%.

Social distancing has caused a shift in consumption patterns and accelerated the adoption of digital services and payments by businesses and customers. Due to the rapid development of digital payments and alternative lending recently, India serves as a strong example.

The World Bank states that only 29% of the local population made or received digital payments in 2017. A survey conducted by Robocash Group in early 2020 showed a remarkable dynamic. Thus, 71% of the company's customers made e-payments last year. However, the frequency was rather low: only 17% conducted five and more digital payments weekly. This is close to the results in Southeast Asian countries: the Philippines - 13%,  Indonesia - 16%, Vietnam - 23%. As for online lending, only 28% of respondents in India took their first loans in 2019 remotely.



To sum up, habits formed during COVID-19 pandemic and social distancing will contribute to the continued expansion of digital payments and lending. Moreover, speeding up the transfer of funds, reducing the weight of the informal economy and increasing tax inflows to the budget, it can add up to 0.5% to GDP growth in the countries of South-East Asia in 2022-2025.

Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing micro consumer lending to customers in Russia, Kazakhstan, Spain, Philippines, Indonesia, Vietnam and India and operates its own EU-based P2P investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.

Axis Bank becomes 1st Bank to On-board A School on "Bharat Bill Pay System"

• Axis Bank has developed its own in-house certified platform for Biller Operating Unit and Customer Operating Unit

Axis Bank has been continuously striving to make digital banking solutions available for its customers, both institutional and individuals. Access to necessities from the safety of homes and convenience of time have become even more crucial in the current times and hence providing innovative digital solutions is a key mandate. Axis Bank has roped in the education sector into the digital Banking ecosystem by on-boarding the Delhi-based Mount Olivet Senior Secondary School - the first school to have gone LIVE on Bharat Bill Payment System (BBPS). This initiative enables a one-stop school fees payment platform for the parents.

This is the first of many such tie-ups that the Bank is working towards, which include DPS Bareilly, DPS Akrampur, DPS Indira Nagar, DPS Jankipuram, DPS Gomti Nagar, DPS Kalyanpur, Allen House Public School Ghaziabad, DPS Eldeco, Allen Kids Kakadeo, Allen Kids Swaroop Nagar, DPS Saharanpur, Sri Chaitanya Schools, Hyderabad and St. Lawrence Convent School, Delhi.

Once such education institutions go LIVE on BBPS, it would enable all parents to conveniently pay using a wide network of more than 68 banks, more than 10 payment apps and through more than 2.5 lakh retail agents. Multiple modes of payments will be made available and instant confirmation will be received on the payments.  

Axis Bank has developed its own in-house certified platform for Biller Operating Unit and Customer Operating Unit. The Bank is enabling its Internet Banking / Mobile Banking platforms, AxisPay and Freecharge on BBPS so that individual customers can make all bill payments through BBPS and can avail the benefits of this platform. The Bank has its own in-house bill hosting mechanism as well as strategic alliances with various ERP service providers to ensure that all biller needs are met.

BBPS is a one-stop bill payment ecosystem conceptualized by the Reserve Bank of India (RBI) and driven by the National Payments Corporation of India (NPCI). It is an integrated, interoperable and accessible bill payment system. Through BBPS, payments can be made across a wide range of categories such as electricity, telecom, DTH, cable, gas, water, municipal taxes, school fees, housing society maintenance, hospital bills, EMIs, recurring deposits, insurance premium and many more. All entities on the BBPS platform have the assurance of the trusted brand of NPCI-BBPS. An effective mechanism for handling customer complaints has also been put in place.

Some of the key benefits for Billers:

• Wider reach - 68+ banks, 10+ payment apps and 2.5 lac+ retail agents become collection points for the biller


• Multi-channel, multi-mode collection enabled - channels: Bank IB/MB, payment app, retail outlet; modes: CC/DC/UPI/cash, etc.


• Single on-boarding - biller can come on-board BBPS through one Biller Operating Unit (such as Axis Bank) and multiple integrations are not needed


• Cost effective as compared to any other digital solution currently available in the market


• Minimal technical development required as IT integration is done by the bank


• All bill collections are credited directly to bank account electronically. Hence fraud / theft risks are mitigated


• Assured settlement by NPCI for the transactions passing through Bharat Bill Payment Central Unit (BBPCU)

Some of the key benefits for individual Customers:

• Single window for all bill payments across utilities, school fees, housing society charges, hospital bills, club memberships, etc.


• Payment can be initiated through any channel and mode of customer’s choice and convenience (channels: Bank IB/MB, payment app, retail outlet; modes: CC/DC/UPI/cash, etc.)


• No convenience fees charged


• Instant confirmation of bill payment


• Brand assurance of NPCI for safety and security


• Complaints resolution mechanism implemented by NPCI across channels

On this occasion, Rajiv Anand, Executive Director – Wholesale Banking, Axis Bank said, “At Axis we have always looked at opportunities to provide best-in-class products & services and accelerate the digital transformation journey of customers. BPPS is an innovative digital solution that brings convenience, efficiency and security to businesses across multiple sectors for recurring payments. BBPS has the potential to bring many institutions into the digital Banking gamut. Axis Bank has been one of the sponsor banks for BBPS, aggressively promoting it since its inception. The education sector is critical for the future of our nation and through Axis BBPS solution, parents will now have the convenience of paying school fees digitally, thus enabling them make all the necessary payments on time staying safely indoors.”

For Cashless Payments during COVID-19, RBI Authorizes Transcorp to Issue Co-Branded Prepaid Instruments (PPI) Cards & Wallets

Transcorp is operating around the clock during the COVID crisis to ensure citizens in India and abroad are able to move and access funds through its Transcash Portal & 700+ SBI kiosks as well as international remittances & forex card loadings. Since the Lockdown, the company has clocked over Rs. 75 crore of business in only 15 bank working days.

• RBI has authorized Transcorp to issue co-branded cards & wallets to facilitate payments under its PPI license in India across 35 lac+ merchants and online gateways. 


• Transcorp will be launching API based co-branded partnerships for Digital, Physical and Contactless cards with select marquee clients on its own BINs. 


• These cards can be used by partners, financial institutions and corporate houses to facilitate their core business activities while allowing safe transactions to serve their existing and new customers even if they do not have a bank account. 


• There is absolute convenience of on-boarding customers and loading funds amongst other functionalities that can be customized according to the partner’s business logics. 


• After a successful launch of its indigenous Rupay powered cards that allow for wage disbursals/expenses/incentives for corporate houses; Transcorp has received feedback that its cards are an effective method to optimize costs, reduce pilferages and track expenses. Now the company can allow partners to place their logo on the cards/wallets.


• Transcorp was the first non-bank player in India to issue National Common Mobility Cards (NCMC/One Nation One Card) by NPCI certification which can be used at Transit Systems and Smart Cities.

Leading forex and payment solutions provider Transcorp International Ltd, a 25 year old BSE-listed company, announced the receipt of RBI’s nod for entering into co-branding arrangements for Prepaid Instruments that can be used for in over 35 lac stores and online gateways. Transcorp is proud to be the one of the first non-bank companies to obtain this authorization from RBI, which a testament to its commitment of serving Indian citizens and companies alike. Transcorp has leveraged its PPI license (which is the same license held by leading mobile-wallet operators in India) to operate. 



In line with the Government’s initiatives of cashless India and to promote safe transactions by eliminating the handling of currency, Transcorp has launched Multi-Wallet Prepaid cards which has become the gold standard for expenses, incentives and reimbursements across business houses. 

During the present COVID-19 crisis where it is not safe to handle cash, Prepaid Cards, including contactless, provide a safe mode of payment. The contactless variant of the card is also recommended globally by experts as a safer option to transact. 

On the occasion, Mr. Amitava Ghosh, Chief Executive Officer, Transcorp said " These cards can replace cash payment for all value transactions up to Rs. 1,00,000. Organizations that need to disburse payments like wages, reimbursements, incentives and other recurring payments to their employees or beneficiaries can seamlessly do so. This facilitates the accounting department to manage expenses by not having to check every individual bill; eliminating cash as a medium of paying for company expenses. Organizations have experienced cost reductions and transparency. 

Transcorp cards are highly customizable and, with the approval of RBI, can now be co-branded with a partner organization’s logo; as well as restrict certain merchant categories as per the client’s requirements. 

Mr. Ayan Agarwal, Vice President-Payment Systems, Transcorp said " Partners have devised clever business models around prepaid cards and have added new lines of revenue and loyal customers by sharing the benefits of the interchange income that is earned on every spend. By providing digital & physical cards, multiple variants and custom solutions, we are able to get partners live even during these testing times of a global pandemic. There is a tremendous demand for cards & wallets in the financial world and we are evaluating each partnership in detail to meet our strict norms. We are in advanced stages of integrating products like UPI and Fastag with National Payments Corporation of India (NPCI) “

These cards will be available at all Transcorp branches, through select agents and on order. They can be delivered to one’s office or home address even during the lockdown. 

Transcorp International Limited is open for business today as it has been for the last 25 years – we are always committed to giving quality services to our customers and partners. Even the present time of lock down the company is operating and providing its following services to its customers to help the nation and its citizens:

1. Outward Remittances to Indians and families stuck abroad 


2. Domestic Money Transfers for migrant workers to send money to relatives


3. Aadhar Enabled Payment Services for families of migrant workers to receive cash


4. Insurance to protect lives and assets during these difficult times


5. Pre-Paid payment solutions for easy access to funds and reduced currency handling


6. Travel services to those who need emergency assistance via subsidiary Ritco Travels

About Transcorp: 

Transcorp, a Public Limited Company incorporated in 1994, is listed with Bombay Stock Exchange (BSE) with a turnover of Rs. 2300 crore. It is a leading player in the Foreign Exchange and outward remittance industry with the coveted AD 2 license (Authorized Dealer - category II), from RBI. Thereby providing individuals and corporates forex services (cards, currency and traveler’s cheques) and permissible outward remittance services. Over time, Transcorp has:

• Remitted over US$ 450 million abroad through its own license and partner banks


• Transacted over Rs. 2500 crores through its 700 SBI kiosks and Transcash portal

Other divisions of Transcorp include: 

Domestic Money Transfer (DMT): With over 3000+ locations to send money to any bank account in India.

Ritco Travels: A leading IATA travel agency with B2C (online/offline), large corporates, distributors and 2500+  franchise locations across India.

State Bank of India: National Business Correspondent with over 700 SBI touch points in underbanked regions.

Investments: Transcorp is authorized to accept Fixed Deposits by members of the public. The group has invested in Indian startups and international forex companies.