Mobileware Technologies, a market leader offering UPI interoperability and scalable payment solutions for businesses that need to make digital payments, has partnered with Appnit Technologies Private Limited – a subsidiary of DMI Finance, to offer interoperable UPI solutions for seamless access to the payments ecosystem.
Appnit’s customer-facing brand Oxymoney – a Prepaid Payment Instruments (“PPI”) license holder provides wallet & prepaid card services to its customers, who are primarily retailers. Mobileware will provide Oxymoney with a hosted UPI switch with connectivity to NPCI and facilitate the customers with personal Virtual Payment Address (VPA) to participate in the interoperable UPI ecosystem.
Early last year, RBI announced an interoperability mandate whereby they increased the permissible account limit to ₹2 lakh (up from ₹1 lakh) and allowed cash withdrawals from full-KYC non-bank wallets. This technically makes wallets similar to bank accounts in terms of services. The volume of PPI transactions has also jumped from 30.6 million in 2011-12 to 4775 million in 2021-22 (as of December 2021) and there has been a corresponding increase in the value of PPI transactions from Rs. 62 billion in 2011-12 to Rs. 2150 billion in 2021-22 (as of December 2021).
Given the market opportunity, Mobileware is leading the way with hosted UPI wallet interoperability services. Commenting on their association with Oxymoney, Satyajit Kanekar, Co-Founder & CEO of Mobileware, says, “Oxymoney has made m-wallets easy for retailers and we are happy to be their solution partners for interoperable UPI payment solutions. Through our hosted services, Oxymoney can offer VPA generation, QR Code generation, customer management, PSP application, and a lot of other benefits to their customers.” He further adds, “Mobileware is a vertical agnostic and borderless payment marketplace for customers who require easy and instant access to digital payment methods, using banks as a channel of service. We are adept at integrating our solutions with the rapidly changing digital payments requirements of banks, NBFCs, fintech companies, merchants, and consumers.”
Nitin Kapoor Co-Founder & CEO of Oxymoney says, “UPI has been the key driver of digital payments in the country. Our association with Mobileware will further strengthen our offerings with both consumers and merchants and will help us reach and serve a larger customer base.”