ACI Worldwide Strengthens Real-time Payments Capability With Investment In Mindgate Solutions, India’s Leading Digital Payments Solution Provider - GADGETS & INNOVATIONS

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Monday, June 3, 2019

ACI Worldwide Strengthens Real-time Payments Capability With Investment In Mindgate Solutions, India’s Leading Digital Payments Solution Provider



ACI is poised to drive the UPI (Unified Payments Interface) transaction opportunity in India and the global push to Real-time, Digital Payments


ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that it is making a strategic investment in Mumbai-based Mindgate Solutions, India's leading digital payments company as well as the country's market leader in processing UPI (Unified Payments Interface) transactions. The financial details of the investment were not disclosed.


As part of this investment, ACI and Mindgate will deliver a joint real-time payments solution that will combine ACI's proven Universal Payments software solutions with Mindgate's digital overlay services. The advanced, 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. This investment will also provide Mindgate with the ability to expand its footprint globally.


UPI is a mobile-based, real-time payments platform in India developed and managed by the National Payments Corporation of India (NPCI). 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.


UPI has quickly emerged as the second most common method of digital payment in India. 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.


"UPI has made India one of the markets to watch for innovation on top of real-time payments infrastructure," said Kieran Hines, Head of Industries, Ovum. "This alliance positions ACI Worldwide well to support future growth in the domestic market, while also enabling Mindgate to bring its products and experience to ACI's international customer base."


Mindgate software processes 30 million digital transactions globally every day, and 70 percent 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 percent of India's digital payments transactions.






MUMBAI, June 3, 2019


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