Global payments solutions provider, Yalamanchili, today announces that its next generation payments platform is underpinning Saral Money, India's recently announced national electronic payment service created by five of the country's major banks, Visa and the Unique Identification Authority of India (UIDAI).
Saral Money has been developed in order to promote financial inclusion in India, by providing tens of millions of financially excluded individuals with a simplified way to receive government disbursements, send money, make purchases at point of sale terminals and transact at existing ATMs and selected micro ATMs.
Saral Money is a Visa Instant Account which will dramatically simplify the issuer's know your customer process. This includes biometric cardholder authentication linking directly to the individual's UIDAI-issued identification number, known as an Aadhaar, in order to fulfil the necessary assessment criteria.
The Yalamanchili next generation payments platform processes all transactions made via Saral Money accounts for Axis Bank, Indian Overseas Bank, ITZ Cash (HDFC Bank) and State Bank of India and provides an appropriately coordinated infrastructure to support the initiative.
"Thanks to the versatility of the underlying technologies, this initiative has been able to cut through the historical red tape and open up the banking system to millions of citizens across the country," comments Ramakrishna Yalamanchili, Founder and CEO, Yalamanchili. "We are proud to provide a flexible and robust next generation payments platform, which is able to support government disbursements on a massive scale."
Saral Money is the first national investment in developing a financial inclusion and payment ecosystem for India. The pioneering joint initiative combines Visa's advanced network technology, the government's reach and the banks' extensive facilities to drive the Indian Government's vision of empowering millions of Indians with a financial identity.
This unique payment solution initially targets specific regions and will support cash transfers for subsidies, scholarships and other government disbursements. The benefits to the consumer come from the ability to receive payments direct to Saral Money and use it to withdraw or remit those funds to family members. For the government, the system helps improve transparency and efficiency while driving the country's electronic payment and financial inclusion agenda.