ACI Worldwide is expanding its global footprint with a strategic investment in Mumbai-based digital payments firm Mindgate Solutions.
ACI and Mindgate will deliver a joint real-time payments solution that will combine ACI’s Universal Payments software solutions with Mindgate’s digital overlay services.
The end-to-end real-time payments solution will be offered to banks, financial intermediaries and merchants in India and other international markets via an on-premise, public cloud or hosted model.
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.
According to the National Payments Corporation of India (NPCI), the total number of UPI transactions reached approximately 800 million in March 2019, up from 178 million in March 2018. By 2023, experts predict 60 billion UPI transactions annually, accounting for more than 50 percent of India’s digital payments transactions.
Mindgate software processes 30 million digital transactions globally every day, and 70% of UPI transactions are currently routed through Mindgate-customer banks. By contrast, ACI has a long and established heritage in India, with eight of the country’s ten largest banks utilizing ACI’s UP solutions for critical payments needs, processing 60% of India’s digital payments transactions.
George Sam, co-founder and business head of Mindgate Solutions, said 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 capitalize on UPI’s growth.
“The global real-time and digital payments transaction opportunity is vast, and with the Mindgate and ACI alliance, we are well-positioned to capitalize on this growth opportunity,” said Phil Heasley, president and CEO, ACI Worldwide.