Payment Gateway

Unravelling the Vision of FSS BLAZE from a Tech Lens

fsstiprod — Wed, 24 Jul 2024 12:39:37 +0000

Unravelling the Vision of FSS BLAZE from a Tech Lens fsstiprod Wed, 07/24/2024 - 18:09

At FSS, we pride ourselves in being a customer-centric and customer-first organization. The culture of our organization is built around the ethos of moving fast and experimenting with new offerings, markets & capabilities.

At the same time, we want to leverage on the vast knowledge, gathered over multiple decades, while dealing with a lot of legacy systems that have trapped lots of data and capabilities in certain functions. FSS BLAZE^TM is conceptualized and designed with domain driven technology components having distinguished capabilities that play well together.

The products powered by FSS BLAZE^TM will be cloud ready and cloud agnostic, which will ensure a cost-efficient payments solution ecosystem. FSS BLAZE^TM promotes experimentation with flexible architecture for co-innovation and partnership with both financial and technology entities.

The mission and vision behind FSS BLAZE^TM

The mission of FSS BLAZE^TM is to provide our company the technical capability to build world class products and service repositories that are reliable, scalable and maintainable, with focus towards low cost of ownership and transaction. The vision is to transform business through:

Use of technology and automation to provide low-friction user experience and low touch application processing
Ability to innovate and launch products with shortest time to the market
Build open and secure architecture that scales massively without major human intervention
Provide the platform capability, so that entire organization can rapidly experiment new ideas and convert them into viable products for the market
Provide with capabilities for the organization to build data platforms that enable data driven decision making, better pattern recognition and better observability of systems and applications running at any given time
Build the core libraries and service sets that will be the foundational building blocks of any service sets and products that we endeavour to build in the next 3 to 5 years
Build the common domain services that will be required by the individual product lines to create true business services
Build a platform ecosystem that comprises of multiple services, libraries and building blocks, broadly grouped into focus areas like Services, Infrastructure, Data, Security, Experience etc

Understanding the platform ecosystem

We acknowledge that a platform has a whole should be treated as a group of many products/services that blend to address multiple capabilities, where they can be self-sufficient or can be dependent (loosely coupled) on outcomes from other products/services. We are thus treating the platform as a product, with internal ‘customers’ of its own. This will hide complexity, remove friction and, the respective teams will thrive to improve on the concerned capabilities that will be better than whatever was implemented previously. 

Every team is running as a product team. While the product might be technology, they are looking to understand the internal customer’s goals and figure out how to make them successful. Along with working for customer satisfaction with every release, we are bringing it to every level of the organization. The infrastructure engineers should care about how easy it is for their customers (internal team managing a service) to check the health of the systems, auto deployment, performance concerns or the security validations. That passion for serving the internal customer at every level along with the external customers’ satisfaction is the essential ingredient and the platform philosophy to how platforms evolve and scale.

As an internal product, the platform will ultimately improve the capabilities of the business, as opposed to technology that is designed to solve specific, pre-existing problems. In this sense the platform is making positive contributions rather than keeping the lights on in managing old known stuffs repeatedly.

The anatomy of a business service

A dynamic configuration of controls and libraries that intend to create value with other services through co-creation
A formal specification of agreed expectations, rights, obligations, and interfaces of two or more services
Seamless updates and release as the business logic and tech capabilities are managed independently
Regulatory requirements and mandates, addressing compliances can be well managed

Performance driven purpose-built engines

A well-integrated collection of services, working together to address a larger functional requirement
Generic engines for multiple products, usable, extendable, and compatible with all products.
Pluggable with capability to extend and integrate with minimal changes through configuration
Efficiency and performance optimized, ensuring the best of technology to meet business goals
Designed and developed for handling scalability for the future needs with cost effective and optimized resource utilization

The building blocks of FSS BLAZE^TM

These ‘blocks’ represent separate capabilities, with steps taken to enhance efficiency and reduce complexity so that they can be used more effectively by engineers and the business to build, deliver, and measure customer experiences. The team responsible for these ‘blocks’ are focused towards enhancing the functional capabilities of the business concern at hand to improve and innovate, rather than spending time to address the process or the technicalities around them. These ‘blocks’ thus becomes great opportunities to accelerate time to market, in-built security and enable re-usability across products.

For FSS BLAZE^TM to become a platform ecosystem, we intend to promote multiple such building blocks, broadly grouped into focus areas like Services, Infrastructure, Data, Security, Experience, which in turn help accelerate the time to convert concept to cash, either with experimentation or data analytics or getting consumer insights.

The platform advantage

FSS BLAZE^TM ensures and guarantees to address the industry concerns with respect to the products meeting the non-functional requirements along with the functional requirements. Business functions and services in the first place are focused on Payment Gateway, Merchant Management System, Real-Time Payments, and Card Management System. The non-functional requirements (NFRs) that emphasize FSS BLAZE^TM are:

Architecture

The software uses a microservices architecture for flexibility and resilience. It's cloud-native for efficiency and cost savings. The cloud-agnostic approach ensures flexibility across cloud platforms. FSS BLAZE^TME was enriched with generic platform components (State Machine, Rule Engine, Validation and Logger libraries, API, and UI Generative SDKs, Go Connect) which are the backbone of various business services. 

Scalability

Scalability involves horizontal and vertical scaling for efficient workload management. Horizontal scaling handles instances independently, while vertical scaling boosts a single machine's capacity. On-demand traffic management and cloudburst strategies prevent slowdowns during traffic spikes. It reduces capex by paying for computing capacity as needed.

Availability

FSS BLAZE^TM provides high availability clusters for uninterrupted service and reliability, along with hybrid multi-region cloud and on-premises infrastructure for scalability and redundancy. Plus it comes with efficient rolling software updates and chaos monkey tests to minimize disruptions and improve resilience.

Durability

Durability in microservices architecture ensures application availability despite component failures, including data archival for future use and honouring transactions in transit. Combined with fault tolerance, the system remains operational even when components fail.

Performance

Performance includes focused functionality for improved maintainability and enhanced security. Software services are resource-efficient with optimized resource utilization. Containerization and benchmarking in every release ensure functionality meets expectations.

Agility

Service development with maintainable, testable, and deployable code ensures software portability across platforms, making it easier to deploy, maintain, and improve longevity. Additionally, configurable services with well-defined APIs are compatible with various applications.

Usability

Usability principles like Clarity, Consistency, Efficiency, and Affordance guide our UX design. We offer multi-lingual support and localization for diverse customer needs. Learnability is enhanced with user manuals and FAQs featuring clear, concise, step-by-step instructions.

Extensibility

Extensibility emphasizes adaptability to requirements & feedback. It involves modular design - Domain-Oriented Microservice Architecture (DOMA), allowing easy integration of new services/components and proactive extension points for future features and mandates implementation.

Resiliency

Resiliency strategies include graceful recovery, gradual deployment, and fault tolerance. Graceful recovery helps systems bounce back from failures, gradual deployment ensures smooth transitions and fault tolerance builds resilient systems with circuit breakers.

Consistency

Consistency is achieved through a comprehensive approach that includes a visual and functional design system, utilizing Domain-driven design (DDD) and DOMA for functional consistency across services and features. Additionally, omni-channel capability ensures a uniform user experience across various devices, while maintaining data consistency throughout all operations and transactions.

Compliance

Compliance updates, regional and global mandates, and system libraries are validated in every build. Payment Card Industry Secure Software Standard (PCI S3), Europay, MasterCard, and Visa (EMV CO), General Data Protection Regulation (GDPR), and RBI mandates will have planned execution and release cycles which will ensure timely updates and patches.

Security

Security by design, achieved through DEV-SEC-OPS practices, includes NextGen Firewalls for advanced application-level threat protection and API security via Security Testing Mechanisms (SAST, DAST, SCA, IAST, RASP, VA, PT) to assess source code and detect vulnerabilities. Data security is ensured through encryption, tokenization, and compliance with global data laws, covering 'Data at Rest' and 'Data in Motion' for comprehensive system security.

Observability

Developed customizable dashboards with rich visuals for end-user persona support in real-time and batch mode. High visibility across all systems with dynamic, automated reports using open telemetry for monitoring. Centralized logging system for data analysis, audit, and ML/AI-backed insights in descriptive, diagnostic, prescriptive, and predictive analytics.

Visit our webpage to learn more about FSS BLAZE^TM.

FSS Payment Gateway is Now EMVCo 2.3 Certified

fsstiprod — Thu, 11 Jul 2024 06:24:29 +0000

FSS Payment Gateway is Now EMVCo 2.3 Certified fsstiprod Thu, 07/11/2024 - 11:54

Keeping a delicate balance between convenience and safety is essential for the success of the e-commerce industry. While customers want transactions to be as smooth as possible without compromising their data, merchants want to ensure equally stringent security against fraudulent activities.

A payment gateway with the EMVCo certification empowers both parties in this equation.

What is EMVCo 2.3 certification?

EMVCo, a consortium of leading organizations and institutions from the payments industry, establishes technical standards for global interoperability. Their technology for encrypted online transactions is known as EMV 3-D Secure (3DS). EMV 3DS 2.3, the most recent version, improves the identification procedure while also making it more secure.

EMVCo 2.3 certification for FSS Payment Gateway

We're excited to announce that FSS Payment Gateway is now EMVCo 2.3 certified.

This latest certification brings significant improvements over previous versions 2.2 and 2.1, enhancing both user experience and security.

- Enhanced user experience: The new data elements introduced in EMVCo 2.3 streamline frictionless transaction authentications, making the payment process smoother and faster for users
- Secure Payment Confirmation (SPC): This new authentication method includes device binding, which not only enhances security but also improves user experience and helps in fraud prevention
- Operational Request (OReq): OReq is a new network message that improves network management by providing timely notifications. It benefits major schemes like VISA and Mastercard, ensuring better operational efficiency

The EMVCo 2.3 certification signifies FSS Payment Gateway's commitment to a secure and frictionless payment experience. For merchants, it translates to reduced fraud, happier customers, and a competitive edge. As e-commerce continues to evolve, the EMVCo 2.3 certification paves the way for a more secure and convenient future.

Maintaining relevance with the digital industry

The e-commerce sector is expanding at a breakneck pace; it is up to the digital payments sector to keep up with its rising needs. Without digital payments playing a big part, the next explosion in digital commerce cannot be sustainable. Payment processors must therefore provide dependable and innovative services.

Now powered by FSS BLAZETM, FSS Payment Gateway guarantees dynamic scalability for companies of all kinds. With the capacity of processing up to 10,000 transactions per second (TPS) on demand, the payment gateway exhibits amazing resilience during peak hours for banks and merchants. FSS BLAZETM guarantees flawless and affordable management of our payment gateway, therefore optimizing the allocation of resources in infrastructure.

The next major tech in payments

Built on a strong microservices architecture, BLAZETM is a payments technology platform providing flawless integration, consistent performance, and easy integration. Reimagining payment limits, supporting data-driven decisions and guaranteeing security at every level is how FSS BLAZETM helps modern-day processors and businesses.

With multi-channel, multi-currency, multi-payment capabilities, FSS Payment Gateway increases merchant reach. It also gives businesses standing instructions, QR codes, and payment links access to receive payments.

Riding the internet wave

All things considered, India's e-commerce sector is a dynamic entity changing retail's rules. Given its great possibilities, it offers a compelling environment for development and invention. The success of the sector will be tightly linked with the always shifting digital payments scene.

With the possibility to transform millions of consumers' shopping, connecting, and experiencing of the world of commerce, Indian e-commerce surely has a bright future. Use FSS Payment Gateway and join this revolution.

Click here for further information about FSS Payment Gateway.

How to Choose the Best Payment Gateway in India

fsstiprod — Fri, 26 Apr 2024 14:03:43 +0000

How to Choose the Best Payment Gateway in India fsstiprod Fri, 04/26/2024 - 19:33

The Indian e-commerce landscape is booming, and at the heart of this growth lies the secure and seamless flow of online payments.

This makes choosing the best payment gateway crucial for any business venturing into this digital marketplace. But with a plethora of options available, how do you find the one that best suits your needs? This guide equips you with the knowledge to navigate the Indian payment gateway landscape and make an informed decision.

What is a payment gateway?

A payment gateway acts as a secure bridge between your online store and your customer's bank. It encrypts sensitive financial information, verifies transactions with banks and card networks, and facilitates the transfer of funds. Essentially, it streamlines the online payment process for both you and your customers.

Key features of best payment gateways

Selecting the optimal payment gateway in India requires careful consideration of several factors.

Cost structure: Payment gateways typically charge a combination of setup fees, monthly fees, and per-transaction fees. Transaction fees can be a fixed percentage, a flat fee, or a combination of both. Analyze your projected transaction volume and value to find a gateway with a cost structure that aligns with your budg
Supported payment methods: Catering to diverse customer preferences is vital. Ensure the payment gateway supports popular payment options in India, including credit cards (Visa, Mastercard, RuPay), debit cards, net banking, mobile wallets and UPI. Consider if you need recurring billing support for subscriptions as well
Security and compliance: Since financial data is involving, security is paramount. Choose a payment gateway that adheres to the standard industry regulations and employs robust security measures like fraud detection and encryption
Ease of integration: A smooth integration with your website, mobile app, or shopping cart platform is essential. Look for payment gateways with well-documented APIs, SDKs, and plugins for popular CMS platforms to ensure a hassle-free integration process
Customer support: Reliable customer support is invaluable when encountering technical issues or needing assistance. Evaluate the payment gateway's support channels and their responsiveness to inquiries before you get onboard
Brand reputation and reliability: Opt for a reputable payment gateway with a proven track record in India. Research the payment gateway company’s experience, its clientele, and any user reviews to gain insights into their reliability and service quality
Additional features: Certain payment gateways offer value-added features like built-in analytics, instant settlements, international payment support, and marketing tools. Consider features that can enhance your business operations and customer experience

Tailoring your payment gateway to business needs

Business size and volume: Business size and volume: Startups and small businesses may prioritize cost-effective options with low setup fees and transaction charges. Larger businesses can explore feature-rich payment gateways that support higher transaction volumes. For instance, FSS Payment Gateway can process over 5,000 transactions per second, which is further scalable on demands thanks to FSS BLAZE^TM
Target audience and location: If you cater to a specific demographic, understand their preferred payment methods. Consider international payment options if you plan to expand your reach beyond India
Industry regulations: Some industries might have specific compliance requirements for payment gateways. Ensure the payment gateway adheres to any relevant regulations for your business sector

Choosing the best payment gateway is an investment in your business's growth. By carefully evaluating your needs and conducting thorough research, you can find the perfect partner to facilitate secure and efficient online transactions, propelling your success in the dynamic Indian e-commerce landscape.

FSS Payment Gateway comes with a range of features, 30+ user journeys and 250+ merchant category templates. The payment gateway has helped multiple banks manage over 1 million merchant accounts

Apart from this, FSS Payment Gateway also comes equipped to help banks and their merchants deal with frauds & chargebacks, data security and cross-border payments

FSS Payment Gateway is powered by FSS BLAZE^TM, a cutting-edge payment technology platform. BLAZE^TM offers a microservices infrastructure, uninterrupted performance and effortless integration. FSS BLAZE™ is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security. It's the future of payments technology, serving you today.

Learn more about FSS Payment Gateway.

The Vital Duo: The Difference Between Payment Processors and Payment Gateways

fsstiprod — Fri, 19 Apr 2024 06:29:25 +0000

The Vital Duo: The Difference Between Payment Processors and Payment Gateways fsstiprod Fri, 04/19/2024 - 11:59

In today's digital age, seamless and secure online transactions are the backbone of e-commerce. But have you ever wondered how these transactions actually happen?

The magic behind them lies in the intricate interplay between two crucial components: payment processors and payment gateways. While their names might sound interchangeable, they each play distinct roles in ensuring a smooth and secure payment flow.

Payment processor: The behind-the-scenes orchestrato

At the core of any digital payment system, a payment processor is responsible for the backend processing and settlement of transactions. Payment processors act as the intermediary between the merchant, the customer's bank, the merchant's bank or card networks like Visa, Mastercard or RuPay.

The key functions of a payment processor include:

Authorization: When a customer initiates a payment, the payment processor sends the transaction details to the customer's issuing bank for approval. This authorization step ensures that the customer has sufficient funds or credit available to complete the purchase
Settlement: Once a transaction is authorized, the payment processor facilitates the transfer of funds from the customer's account to the merchant's account, typically within 1-2 business days. This settlement process involves reconciling the transaction details and ensuring the funds are properly credited
Fraud prevention: Payment processors employ various fraud detection and prevention mechanisms, such as address verification, CVV checks, and machine learning-based anomaly detection, to minimize the risk of fraudulent transactions
Reporting and analytics: Payment processors provide merchants with detailed transaction reporting, allowing businesses to track sales, monitor for suspicious activity, and gain insights to optimize their strategies

Businesses often choose a payment processor based on factors such as transaction fees, supported payment methods, global reach, and integration capabilities.

Payment gateway: The secure bridge

While payment processors handle the backend processing, a payment gateway acts as the front door for online payments. The payment gateway is the software component that securely captures, encrypts, and transmits customer payment information from the merchant's website to the payment processor.

The primary functions of a payment gateway include:

Payment page integration: Payment gateways provide merchants with a customizable payment page or checkout experience that is seamlessly integrated into the business's website or mobile app. This ensures a smooth and secure payment flow for customers
Payment method enablement: Payment gateways support a wide range of payment methods, including credit and debit cards, digital wallets, UPI and more. This gives customers flexibility and choice in how they prefer to pay
Secure data transmission: Payment gateways utilize encryption and tokenization technologies to protect sensitive customer payment information during the transaction process, reducing the risk of data breaches and complying with industry security standards
Real-time transaction monitoring: Payment gateways provide merchants with real-time visibility into the status of transactions, allowing them to track payment processing, identify issues, and troubleshoot as needed

Merchants often choose a popular payment gateway like FSS Payment Gateway based on its integration capabilities, supported payment methods, pricing structure, and overall user experience.

FSS Payment Gateway comes with a range of features, 30+ user journeys and 250+ merchant category templates. Additionally, it also comes equipped to help banks and their merchants deal with fraud & chargebacks, data security and cross-border payments.

FSS Payment Gateway is now powered by FSS BLAZE^TM, a cutting-edge payment technology platform, and can process over 5,000 transactions per second.

Key differences and who needs what

While payment processors and payment gateways work together to facilitate digital payments, there are some key differences between the two.

Payment processors handle the backend processing and settlement of transactions, while payment gateways manage the front-end payment experience and secure data transmission. In terms of integration, payment gateways are typically integrated directly into the merchant's website or mobile app while payment processors operate in the background, often invisible to the end-user.

So, which type of business requires which of the two? Both a payment processor and a payment gateway are essential for online businesses to accept secure payments. For brick-and-mortar stores, they typically only need a payment processor to handle transactions via point-of-sale (POS) systems. However, some may also choose to integrate a payment gateway for online ordering or mobile payments.

In summary, payment processors and payment gateways are complementary components that work together to enable secure and efficient digital payments.

The Power of Digital Payments in Upgrading Lives & Communities

fsstiprod — Fri, 05 Apr 2024 06:00:28 +0000

The Power of Digital Payments in Upgrading Lives & Communities fsstiprod Fri, 04/05/2024 - 11:30

While cash has long been the king of payment transactions, digital payments have brought in a new era. Through cards, online banking, mobile wallets, real-time payments and contactless methods, digital payments have rapidly transformed the way we pay.

This shift isn't just about convenience; it's also about empowering individuals and communities, ultimately leading to a significant upgrade in our lives.

Convenience at your fingertips

The most apparent benefit of digital payments is their sheer ease. Gone are the days of scrambling for exact change or worrying about carrying cash. With a few taps or swipes on your phone, we can pay for literally anything. This not only saves time but also reduces the stress associated with handling physical money.

This convenience extends beyond everyday purchases. From sending money to a family member across the country in seconds to paying a bill online without late fees, digital payments make financial management a breeze.

Financial inclusion for all

Digital payments have the potential to bridge the financial inclusion gap, particularly for those who haven't had access to traditional banking systems. Mobile wallets, for example, require minimal infrastructure compared to physical banks, making them accessible even in remote areas. This empowers individuals to participate in the formal economy, build credit scores, and access financial services they may not have had before.

Small businesses also benefit from digital payments. By accepting cashless transactions, they can attract a wider customer base, reduce the risk of theft, and streamline their accounting processes. This paves the way for entrepreneurship and economic growth, especially in developing economies.

Enhanced security and transparency

Digital transactions leave a clear trail, making them more secure than cash. With features like two-factor authentication and encryption, digital payments offer greater protection against fraud and theft. Additionally, many platforms provide detailed transaction history, allowing one to track spending and manage finances effectively.

This transparency goes beyond individual users. Governments can leverage digital payments to track tax revenue and identify fraudulent activities, leading to a more efficient and accountable financial system. This fosters trust in institutions and creates a fairer economic environment.

Boosting businesses and economies

The rise of digital payments isn't just about individual benefits; it has a significant impact on businesses and economies as a whole. By facilitating faster transactions and reducing reliance on cash, digital payments can stimulate economic activity. This can lead to increased investment, job creation, and overall growth.

Furthermore, digital payments enable innovative business models. Online marketplaces, for instance, rely heavily on cashless transactions, creating new avenues for entrepreneurship and job creation. This fosters a more dynamic and competitive business landscape.

Challenges and the road ahead

Despite the numerous advantages, digital payments aren't without challenges. Ensuring internet connectivity and access to smartphones, especially in rural areas, is crucial for widespread adoption. Additionally, promoting digital literacy and addressing cybersecurity concerns are essential for building trust in the system.

There are also concerns about data privacy and potential misuse of financial information. Robust regulations and strong consumer protection measures are needed to ensure that digital payments remain a safe and secure platform for everyone.

The future of upgraded lives

As technology continues to evolve, the future of digital payments promises even greater advancements. At FSS, we are at the forefront of these technological advancements with our marquee payments technology platform FSS BLAZE™.

Built on a microservices architecture, FSS BLAZE™ is a cloud-native platform that offers seamless growth, uninterrupted performance and seamless integration with modern day digital banking solutions.

FSS BLAZE™ is the need of the hour at a time when digital payments acceptance is growing around the globe and financial institutions cannot afford to be burdened by the challenges of scalability, complexity and slow-release cycles.

BLAZE™ ensures that digital payments infrastructure can keep pace with high demands and allows the payments industry to optimize for resilience, performance and scale.

All products at FSS are powered by BLAZE™ and boast of upgraded performance parameters. FSS Payment Gateway, for example, can process over 5,000 transactions per second (TPS) under BLAZE™.

Learn more about FSS FSS BLAZE™ here.

Key Payment Gateway Features Every Online Business Needs

fsstiprod — Wed, 27 Mar 2024 06:48:11 +0000

Key Payment Gateway Features Every Online Business Needs fsstiprod Wed, 03/27/2024 - 12:18

In today's digital age, providing a seamless and secure payment experience is no longer a luxury for online businesses - it's a necessity. And to facilitate smooth transactions, a business needs to have the right payment gateway that can be the digital bridge between its website or app and its satisfied customers.

But selecting a payment gateway is not easy, given the vast array of options available. A bank can make this choice easier by providing businesses with a payment gateway lthat checks the right boxes and comes with key features for online businesses.

Security for customer trust

Security is undoubtedly a top priority. Customer data breaches can be devastating, eroding trust and potentially leading to hefty fines. It can also turn customers away from digital payments entirely, which spells bad news for everyone involved.

Here's what to look for:

Compliance: Ensure the gateway adheres to industry-standard security protocols and utilizes strong encryption methods to safeguard sensitive information
Fraud prevention: Look for features like fraud scoring and real-time transaction monitoring to minimize fraudulent activities
Data Storage: Understand how the payment gateway stores customer data and if it complies with applicable regulations

Functionality to cater to business needs

Payment gateways offer a spectrum of functionalities that need to be considered to ensure the chosen gateway aligns with the needs of modern businesses.

Payment methods: Does the payment gateway support major card networks and popular instant payment options like UPI, digital wallets and buy now, pay later solutions? A business must ensure it caters to its target audience's preferred payment methods to reduce cart abandonment rates
Recurring payments: If a business involves subscriptions or memberships, it needs to choose a payment gateway that offers recurring payment functionalities for a smooth and automated experience
International reach: If there are plans to expand the business globally, the business must opt for a payment gateway that facilitates international transactions and supports multiple currencies

User experience for frictionless checkout

A smooth checkout process directly impacts conversion rates, which is why businesses need to prioritize a user-friendly experience.

Mobile optimization: With the growing use of mobile devices for online shopping, ensure the payment gateway offers a seamless checkout experience on mobile platforms
Customization: Choose a payment gateway that provides options to customize the checkout page to match the brand identity of a business and provides a familiar environment for its customers
One-click payments: Consider a payment gateway that offer features like one-click payments for returning customers to streamline the checkout process and encourage repeat purchases

Integration and scalability for growth potential

A smooth integration with a business's existing e-commerce platform is crucial. Look for a payment gateway that offers the right features.

A smooth integration with a business’s existing e-commerce platform is crucial. Look for a payment gateway that offers the right features.
Scalability: As a business grows, the transaction volume will likely increase. Hence, a business needs a gateway that can scale efficiently to accommodate your future needs. FSS Payment Gateway, for example, can process more than 5,000 transactions per second, which is also further scalable on demand

Customer support for reliable assistance

Technical glitches or customer inquiries are inevitable, which makes reliable customer support essential for a business choosing a payment gateway.

Support channels: Choose a payment gateway that offers multiple support channels like phone, email, and live chat for prompt assistance
Availability: Consider the support hours offered to ensure a business is not left stranded in case of urgent issues

Also read: The FSS Approach to Customer Satisfaction: Engage, Evaluate, Execute

The payment gateway for modern businesses

Choosing the right payment gateway requires careful consideration of a business's specific needs and priorities. By helping businesses focus on security, functionality, user experience, integration, and customer support, a bank can be the perfect partner that fosters trust, simplifies transactions, and fuels business growth.

FSS Payment Gateway can help with all of these. It comes with a range of features, 30+ user journeys and 250+ merchant category templates. So far, the payment gateway has helped multiple banks manage over 1 million merchant accounts.

Apart from solutions for these major challenges, FSS Payment Gateway also comes equipped to help banks and their merchants deal with frauds & chargebacks, data security and cross-border payments.

FSS Payment Gateway is powered by FSS BLAZE™, a cutting-edge payment technology platform. BLAZE™ offers a microservices infrastructure, uninterrupted performance and effortless integration. FSS BLAZE™ is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security. It's the future of payments technology, serving you today.

Learn more about FSS Payment Gateway.

Why Banks in India, ME and Africa Need a Future-Ready Payments Platform

fsstiprod — Thu, 14 Mar 2024 04:57:20 +0000

Why Banks in India, ME and Africa Need a Future-Ready Payments Platform fsstiprod Thu, 03/14/2024 - 10:27

The landscape of financial transactions has undergone a dramatic shift in recent years. Cash, once the king, is steadily being dethroned by digital alternatives. This trend is particularly pronounced in India, the Middle East, and Africa, where a confluence of factors is driving the growth of digital payments.

India: A digital payments powerhouse

India stands out as a global leader in digital payments. The implementation of the UPI in 2016 proved to be a game-changer. The impact of this real-time, mobile-based system has been phenomenal. India's digital payment volume has climbed at an average annual rate of about 50% over the past five years, according to the International Monetary Fund (IMF).

Today, as India accounts for 46% of all digital payments in the world, the growth can be attributed to several factors:

Government initiatives: The Reserve Bank of India (RBI) has actively promoted digital payments. Demonetization in 2016, while disruptive in the short term, nudged people towards cashless transactions. UPI's expansion to feature phones further broadens its reach, potentially connecting millions in rural areas
Smartphone penetration: The rising affordability of smartphones has been a key driver. With a large young population comfortable with mobile technology, India has witnessed a surge in mobile banking and digital wallets
Focus on financial inclusion: Digital payments offer a convenient and secure way to access financial services, even for the unbanked population. This is crucial for India's economic development

The Middle East: A region on the rise

The Middle East and North Africa (MENA) region has witnessed a significant uptick in digital payments adoption in recent years. While lagging the global average, the region has seen a rise from 34% of the population above 15 making digital payments in 2017 to 45% in 2021, as per the Global Findex data.

This growth can be attributed to:

Increasing smartphone usage: Similar to India, smartphone penetration is driving mobile-based digital transactions
Government support: Governments in the region are actively promoting cashless economies through initiatives that incentivize digital payments
Shifting consumer behavior: The COVID-19 pandemic played a role in accelerating the shift towards digital payments, as cash was perceived as a potential virus carrier

Currently, the MENA digital payments market size is estimated at USD 226.53 billion in 2024, and is expected to reach USD 380.86 billion by 2029, growing at a CAGR of 10.95%.

Africa: A continent poised for growth

Sub-Saharan Africa presents a vast potential for digital payments. The region has seen impressive growth, with digital payment adoption reaching 50% among the population above 15 in 2021, compared to 37% in 2017.

This rapid increase was driven by:

Mobile money dominance: Mobile money platforms like M-Pesa in Kenya have been instrumental in financial inclusion, particularly in unbanked areas
Agent banking networks: These networks provide access to financial services in remote locations, bridging the gap for those without access to traditional banks
Growing internet penetration: Increasing internet access, particularly through mobile data, is paving the way for wider adoption of online payments

In 2024, the total transaction value in the African digital payments market is projected to reach USD 195.50 billion. The same is expected to grow at a CAGR of 12.65% resulting in a projected total amount of USD 314.80bn by 2028.

The future is cashless

The outlook for digital payments in India, the Middle East and Africa is undeniably positive. These regions are poised for continued growth, driven by factors like increasing smartphone penetration, government support and a tech-savvy population.

However, the question that begs to be asked is whether the current digital infrastructure and systems are adequate to adapt to the growing needs of digital payments.

A future-ready payments platform

Most of the payments tech used today by banks and businesses runs on heavy, monolithic architectures. These systems face challenges in terms of scalability, complexity, maintenance and slow release cycles. It is because of these constraints that the current infrastructure might not be able to keep pace with the rising demand for digital payments.

Hence, what the banking and payments industries require is an agile, scalable and resilient technological framework. The tech stack of every bank needs an upgrade so that they are able to achieve their full potential.

This is where FSS BLAZE™ comes in.

FSS BLAZE™ is the payment platform for digital acceleration. A microservices based platform, it offers seamless growth, uninterrupted performance and effortless integration with modern day digital banking solutions. FSS BLAZE™ is built with the intention of offering technology that enables population-scale development and deployment of future-proof payment systems.

All FSS products are now upgraded to the BLAZE™ platform and run to enable unmatched scale and speed. The FSS Payment Gateway, for example, can process more than 5,000 transactions per second using the BLAZE™ architecture.

With FSS BLAZE™, banks, financial institutions and businesses can be ready for the next surge in digital payment transactions.

Learn more about FSS BLAZE™ here.

Unlocking Revenue Growth: How Digital Payments Can Power Businesses

fsstiprod — Thu, 29 Feb 2024 11:42:25 +0000

Unlocking Revenue Growth: How Digital Payments Can Power Businesses fsstiprod Thu, 02/29/2024 - 17:12

The Indian payments landscape has been witnessing a rapid digital revolution, with consumers increasingly embracing digital modes of payments like UPI, cards, wallets and more. The same can be said for countries around the world as well.

While India has UPI, South Africa has PayShap and UAE has Aani. India’s homegrown UPI is also making its way around the world as more and more consumers begin to pay digitally. This shift in consumer preferences offers businesses immense opportunities to not only adapt, but also propel their revenue growth significantly. Let’s explore how.

Operational excellence and cost savings

Digital payments hold the potential to help streamline business operations, leading to tangible cost reductions and enhanced profitability.

Lower transaction fees: Cash and other physical payment methods come with their fair share of handling costs. Digital payments like UPI and cards, on the other hand, have minimal to negligible costs associated with them. This can translate into significant savings for businesses, especially those with high sales volumes
Streamlined processes: Digital payments eliminate the need for manual cash handling and reconciliation processes. This frees up valuable employee time, reduces accounting errors and enhances efficiency across departments within the business
Data-driven insights: Digital payments generate a clear trail of transactions, providing businesses with valuable insights into customer spending patterns. This data can be used to improve inventory management, optimize pricing, run marketing and sales campaigns and make more such informed business decisions

Reaching a wider audience

Digital payments allow businesses to transcend geographical limitations and boost their market reach.

Power of e-commerce: Businesses can integrate digital payments like UPI, cards and netbankinginto their e-commerce storefronts, tapping into the explosive growth of online shopping in India. This opens up a massive customer base beyond their immediate geographical location since the reliance of cash is eliminated
Serving the underbanked: Digital wallets and UPI have significantly contributed to financial inclusion, allowing Indian businesses to cater to the underbanked and unbanked populations who are increasingly participating in the digital economy

Unmatched customer experience and loyalty

Digital payments put the consumer at the center, fostering an exceptional payment experience that builds brand loyalty.

Lightning-fast transactions: UPI and mobile wallets offer near-instant transactions, eliminating long queues and wait times at checkout counters. Tap-and-pay using WiFi-enabled POS machines also offer the same convenience and speed. This leads to higher customer satisfaction, encouraging repeat purchases
Enhanced security: Robust security measures built into digital payment systems give customers confidence when making online or in-store transactions. This trust is crucial for long-term business relationships
Personalized rewards: Digital payments can be integrated with loyalty programs and reward schemes, allowing businesses to offer personalized discounts, cashback, and other incentives to their customers and make them come back for more

Driving innovation and new revenue streams

Businesses can leverage digital payments as a springboard for innovation and exploration of additional revenue channels.

Recurring payments: Subscription-based models are gaining popularity across India. Digital payments enable automatic and recurring deductions for services like OTT subscriptions, utility bills and memberships, creating a predictable and consistent revenue source for businesses
Dynamic QR: QR codes enable micro-merchants and small businesses to accept payments in a frictionless and cost-effective manner, especially store owners who don’t have a big staff. These codes also open up new markets for larger businesses that can partner with these networks
Social commerce: The integration of digital payments within social media platforms is facilitating a new wave of social commerce in India. Businesses can sell directly to customers through platforms like WhatsApp and Instagram, unlocking additional sales avenues

Navigating the implementation of digital payments

These are some of the ways how accepting digital payments can help build revenue streams and grow the business. But to implement digital payments, businesses need to ensure that they partner with reliable providers.

Banks can aid businesses here by partnering with FSS and providing our payment gateway. FSS Payment Gateway is powered by FSS BLAZE, a cutting-edge payment technology platform. BLAZE offers a microservices infrastructure, uninterrupted performance and effortless integration. BLAZE is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security.

Using the BLAZE architecture, FSS Payment Gateway can handle more than 5,000 transactions per second, which is further scalable on demand. FSS Payment Gateway also provides support for scheduled and recurring payments for all types of merchants. Merchants can accept payments through EMIs, standing instructions (SI) and AutoPay.

Overall, FSS Payment Gateway is a reliable and scalable payment gateway that comes with a range of features and easy integration processes for businesses of all sizes.

Inspired to onboard FSS Payment Gateway? Learn more here.

How Banks Can Empower Small Businesses to Grow

fsstiprod — Thu, 15 Feb 2024 11:06:05 +0000

How Banks Can Empower Small Businesses to Grow fsstiprod Thu, 02/15/2024 - 16:36

In a vast country like India, while small businesses have the potential to be economic powerhouses; they already are heart of communities, custodians of cultures and symbols of entrepreneurial spirits.

Small businesses account for over 90% of India's formal and informal businesses, employing more than 480 million people and contributing nearly 50% of the GDP.

When we talk about these small businesses, we are talking about the incredibly diverse business landscape of India. These businesses encompass kirana stories selling everyday essentials, street vendors specializing in local delicacies, freelancers designing brand logos, family-run workshops crafting intricate textiles and even new-age startups disrupting traditional industries.

Challenges small businesses face

There are entrepreneurs of every type in every nook and corner of India and yet, they face numerous challenges and difficulties. Access to finance, for example, is always a big concern for most small businesses. Regulations are complex, which lead to stringent loan requirements. Apart from this, small businesses are always competing with established players with money muscle. And at the same time, navigating bureaucratic procedures is tedious for small enterprises.

Daunting task of accepting digital payments

Another big area that small businesses find daunting is adapting to the rapidly evolving digital landscape, especially accepting digital payments. Over the past few years, the Indian government’s push towards a cashless economy has seen a surge in digital payments. But small businesses still face an uphill climb, especially in smaller cities and towns.

One of the main concerns is surrounded by costs. Implementing and maintaining digital payments infrastructure involves high upfront costs for hardware and software. For small businesses with tight margins, setting up a website and integrating a payment gateway may not be feasible.

They would also struggle to employ designers and developers to get these implementations done for them. Integrating digital payments requires technical expertise and reliance on external support.

FSS Payment Gateway to the rescue

This is where FSS Payment Gateway can step in. With FSS Payment Gateway, banks can ensure that no merchant gets left behind. FSS Payment Gateway is the perfect solution that caters to businesses of all sizes and types.

Now powered by our new-age payments technology platform, FSS BLAZE, our payment gateway comes with:

A microservices architecture that allows businesses to choose the functionalities that they need
Easy integration with other financial services like banking APIs and accounting software

The microservices architecture breaks large applications, like a payment gateway, into smaller services. These services function independently while being focused on one specific task each. This allows a small business to pick and choose the service they require, without having to get burdened by huge products. This approach allows banks and businesses to be agile. They can move faster, experiment a lot more and explore new markets.

On top of this, FSS Payment Gateway also enables businesses to create an online webstore without any technical expertise. This facility eliminates the need for a small business to have a full-fledged website to sell online and accept digital payments.

The online webstore powered by FSS Payment Gateway comes with customizable templates and inventory management tools. It facilitates online selling with payment links and branded hosted checkout supporting various payment methods.

Going forward with FSS Payment Gateway

This is how the FSS Payment Gateway, which is built on FSS BLAZE, empowers banks to cater to small businesses. Small businesses play a crucial role in India's economy. They provide employment opportunities, contributing to financial stability and poverty alleviation. With increasing internet penetration, supportive government initiatives, and growing investor confidence, these businesses are poised for further growth and transformation.

Be a part of their journey with FSS Payment Gateway.

Why Banks Need a Payment Gateway that Matches the Speed of Commerce

fsstiprod — Wed, 31 Jan 2024 11:52:39 +0000

Why Banks Need a Payment Gateway that Matches the Speed of Commerce fsstiprod Wed, 01/31/2024 - 17:22

India's e-commerce industry is riding a wave unlike any other. What was a fledgling market a few years ago has now surged into a juggernaut, reshaping the retail landscape and transforming consumer habits.

Figure this: India has the world's second-largest online population with over 800 million internet users. By 2025, this number is expected to breach the 1 billion mark. By that time, India will also have over 700 million smartphones thanks to affordable devices and data plans.

This combined will bring even more and more of rural India onto the online shopping bandwagon and of course, it will all be mobile-first. In fact, even now, around 70% of India's e-commerce traffic comes from mobile devices.

While cash-on-delivery (COD) remains the preferred mode of payment, digital payments are not far behind. UPI, as we all know, is playing a big role here and the e-rupee, India's CBDC, is further expected to fuel the digital payments revolution. Buy-now-pay-later (BNPL) will also play its part by making credit easier to avail for young India to fulfill its aspirations at a time when disposable income is already on the rise.

On the business side, e-commerce companies are adopting hyperlocal strategies to penetrate deeper into the vast country. Localized language interfaces, regional product assortments, and cash-on-delivery options cater to the preferences of specific regions and communities. The rise of social commerce with social media apps integrating seamless purchase experiences, personalized shopping through AI and voice assistance will further boost the industry.

Keeping pace with digital commerce

The e-commerce industry is growing at a breakneck speed, and it is up to the digital payments industry to meet its growing demands. The next surge in digital commerce will not be possible without digital payments playing a major role. This is why payment acquirers need to provide dependable and cuttingedge services.

FSS Payment Gateway, which is now powered by FSS BLAZE, ensures dynamic scalability for businesses of all sizes. The payment gateway shows remarkable resiliency during peak hours for banks and merchants, possessing the capability of processing up to 5,000 transactions per second (TPS) on demand. FSS BLAZE ensures that our payment gateway is seamless and cost-effective to manage, providing optimized infrastructure resource allocation.

The next big thing in payments

Before we explore more features of FSS Payment Gateway, here's a quick glimpse of FSS BLAZE. A payments technology platform, BLAZE is built on a robust microservices architecture and offers seamless growth, uninterrupted performance and effortless integration. BLAZE is designed with modern principles in mind by reimagining payment boundaries, embracing data-driven decisions and ensuring security at every stage. In short, FSS BLAZE makes it possible for FSS Payment Gateway to propel payments innovation at the speed of commerce.

And that's not all. FSS Payment Gateway improves merchant reach with multi-channel, multi-currency and multi-payment instruments to capture higher transaction volumes. It also empowers merchants to accept payments through modes like payment links, QR codes and standing instructions.

The best part is, FSS Payment Gateway ensures that no merchant gets left behind. It caters to all modern-day businesses of every scale and size. From small shops to conglomerates and from occasional businesses to individual merchants, FSS Payment Gateway empowers everyone to accept digital payments with the BLAZE microservices architecture that allows complete choice of functionalities and easy integration with other financial services.

Riding the e-commerce wave

In conclusion, India's e-commerce industry is a dynamic force rewriting the rules of retail. With its immense potential, it presents a fascinating landscape for innovation and growth. As the industry navigates its exciting journey, its success will be closely tied with the ever-changing digital payments landscape.

The future of Indian e-commerce is undoubtedly bright, with the potential to revolutionize the way millions shop, connect, and experience the world of commerce. Be a part of this revolution with FSS Payment Gateway.

Learn more about FSS Payment Gateway.