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 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.
“Since its launch by NPCI in 2016, UPI has achieved incredible
growth due to its ease-of-use and convenience,” said AP Hota,
former CEO of National Payments Corporation of India (NPCI) and
industry thought leader. “Indeed, India is leading the global
real-time and digital payments revolution, and we are seeing other
markets implementing similar end-to-end solutions to drive payments
modernization. The combination of ACI and Mindgate will support the
continued global adoption of real-time and digital payments, while
helping to drive UPI as it becomes the dominant Indian retail
payments method.”
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.
“We have long admired ACI, a real-time payments pioneer with a
long track record of success in India and across the world. Our
alliance will result in a joint solution that is future-proof,
flexible and scalable,” said George Sam, co-founder & business
head, Mindgate Solutions. “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
capitalize on UPI’s extraordinary growth.”
“We are very excited to join forces with Mindgate. Their strong
and talented team develops and delivers cutting-edge solutions and
services, and we look forward to embarking on this real-time
payments journey with them,” said Phil Heasley, president and CEO,
ACI Worldwide. “The global real-time and digital payments
transaction opportunity is vast, and with the Mindgate and ACI
alliance, we are well-positioned to capitalize on this growth
opportunity—providing to banks, corporates, merchants and payment
intermediaries the world’s leading real-time payments
offering.”
About ACI WorldwideACI Worldwide, the Universal
Payments (UP) company, powers electronic
payments for more than 5,100 organizations around the world.
More than 1,000 of the largest financial institutions and
intermediaries, as well as thousands of global
merchants, rely on ACI to execute $14 trillion each day in
payments and securities. In addition, myriad organizations utilize
our electronic bill presentment and payment services.
Through our comprehensive suite of software solutions delivered on
customers’ premises or through ACI’s private cloud, we provide
real-time, immediate payments capabilities and enable the
industry’s most complete omni-channel
payments experience. To learn more about ACI, please
visit www.aciworldwide.com. You can also find us on
Twitter @ACI_Worldwide.
About Mindgate SolutionsHeadquartered in Mumbai with
global regional technology centers in Asia, the Middle East and
North America, Mindgate Solutions has been at the forefront of the
payments revolution since its inception. A global leader in
payments technology and transaction processing, Mindgate develops
next-generation payments platforms for UPI and other real-time
payment schemes across the globe.
© Copyright ACI Worldwide, Inc. 2019ACI, ACI Worldwide, the ACI
logo, ACI Universal Payments, UP, the UP logo and all ACI
product/solution names are trademarks or registered trademarks of
ACI Worldwide, Inc., or one of its subsidiaries, in the United
States, other countries or both. Other parties' trademarks
referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not
be incorporated into a contract or agreement. The development
release and timing of future product releases remains at ACI’s sole
discretion. ACI is providing the following information in
accordance with ACI's standard product communication policies. Any
resulting features, functionality, and enhancements or timing of
release of such features, functionality, and enhancements are at
the sole discretion of ACI and may be modified without notice. All
product roadmap or other similar information does not represent a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making a purchasing decision.
ACI Forward-Looking StatementsThis press release contains
forward-looking statements based on current expectations that
involve a number of risks and uncertainties. Generally,
forward-looking statements do not relate strictly to historical or
current facts and may include words or phrases such as “believes,”
“will,” “expects,” “anticipates,” “intends,” and words and phrases
of similar impact. The forward-looking statements are made pursuant
to safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Forward-looking statements in this press release include, but
are not limited to, statements regarding our expectations of our
positioning to drive the Unified Payments Interface transaction
opportunity in India and the global push to Real-Time, Digital
Payments.
All of the foregoing forward-looking statements are expressly
qualified by the risk factors discussed in our filings with the
Securities and Exchange Commission. Such factors include, but are
not limited to, increased competition, the success of our Universal
Payments strategy, demand for our products, restrictions and other
financial covenants in our debt agreements, consolidations and
failures in the financial services industry, customer reluctance to
switch to a new vendor, the accuracy of management’s backlog
estimates, the maturity of certain products, failure to obtain
renewals of customer contracts or to obtain such renewals on
favorable terms, delay or cancellation of customer projects or
inaccurate project completion estimates, volatility and disruption
of the capital and credit markets and adverse changes in the global
economy, our existing levels of debt, impairment of our goodwill or
intangible assets, litigation, future acquisitions, strategic
partnerships and investments, the complexity of our products and
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subjected to security breaches or viruses, compliance of our
products with applicable legislation, governmental regulations and
industry standards, our ability to protect customer information
from security breaches or attacks, our compliance with privacy
regulations, our ability to adequately defend our intellectual
property, exposure to credit or operating risks arising from
certain payment funding methods, the cyclical nature of our revenue
and earnings and the accuracy of forecasts due to the concentration
of revenue-generating activity during the final weeks of each
quarter, business interruptions or failure of our information
technology and communication systems, our offshore software
development activities, risks from operating internationally,
including fluctuations in currency exchange rates, exposure to
unknown tax liabilities, volatility in our stock price, and
potential claims associated with our sale and transition of our CFS
assets and liabilities. For a detailed discussion of these risk
factors, parties that are relying on the forward-looking statements
should review our filings with the Securities and Exchange
Commission, including our most recently filed Annual Report on Form
10-K and our Quarterly Reports on Form 10-Q.
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