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State Bank of India and FSS massive deal

So we have 2 SBI’s:  SBI (Japan) which has been delayed but our other SBI (State Bank of India) keeps on pushing forward. We know that by the end of the Month, India will have come out with crypto regulations! This is massive We know that Ripple has more than 50% share in India. Regulations are only going to help the use case for XRP. And today we find out that the State Bank of India has come to a deal with FSS to implement a One Nation Card program.

Today we get news from finextra that the State Bank of India has partnered with FSS (Financial Software and systems) a leading global digital payment and financial technology company, to implement first of its kind One Nation One Card program and accelerate the growth of digital payments at mass-scale. FSS through its prepaid digital solution has enabled the bank in issuance of Tap and Pay (contact and contactless) cards. The Common Mobility card functions as a digital prepaid account for multi-modal transit coupled with a standard debit card for account-based transactions at ATM, POS and e-commerce channels.

Suresh Rajagopalan, President, Retail Payments, FSS stated; “FSS is a market leader in card issuance in India, with a 70% market share in volume terms. The system is PCIDSS 3.2 compliant and supports a sophisticated security module configured to the bank’s security guidelines.

So who is FSS and what is there involvement in all of this? FSS works across the payment spectrum. In addition to the above-mentioned use cases, FSS can help banks launch Mobile Wallets, Aadhaar and UPI-based payments over the Ripple network. Full link here

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