ACI invests in Mindgate to drive real-time payments growth
ACI Worldwide, a global provider of real-time electronic payment and banking solutions, has made a strategic investment in Mumbai-based paytech, Mindgate Solutions, reports Jane Connolly.
Mindgate is India’s market leader in processing transactions for the Unified Payments Interface (UPI), a mobile-based, real-time payments platform developed and managed by National Payments Corporation of India (NPCI).
The financial details of the deal were not disclosed, but the two companies will work together to combine ACI’s universal payments software with Mindgate’s digital overlay services, to create a joint real-time payments solution.
UPI enables account holders at participating banks in India to make and receive person-to-person (P2P) and consumer-to-business (C2B) payments from their phone with a single identifier.
Eight out of 10 of India’s largest banks use ACI’s UP solutions for critical payment needs, while 70% of UPI transactions are currently routed through Mindgate-customer banks.
George Sam, co-founder and business head at Mindgate, says: “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 capitalise on UPI’s extraordinary growth.”
“The global real-time and digital payments transaction opportunity is vast, and with the Mindgate and ACI alliance, we are well-positioned to capitalise on this growth opportunity – providing to banks, corporates, merchants and payment intermediaries the world’s leading real-time payments offering,” adds, Phil Heasley, president and CEO, ACI Worldwide.
UPI is now the second most common method of digital payment in India and is expected to account for more than 50% of the country’s digital payment transactions by 2023.
