In today’s fast-paced world, digital is the new buzz. Like any other industry, the banking and payments industry is witnessing a sea change by going digital in technology, infrastructure, processes etc. With India, on the cusp of achieving financial inclusion with 80% of the adult population bearing bank accounts, and southern and eastern states taking charge in mobile and internet banking adoption with an average of 10% penetration of internet banking and 4% penetration of mobile banking, it is imperative that more robust digital infrastructure is encouraged. Post demonetisation, the banking industry also witnessed many turbulent situations like decreased availability of cash, reduced cash circulation from RBI, ATM cassette recalibration, along with an aggrieved set of cash deprived citizens.
Electronic Payment and Services (EPS) is payments system and technology company where it manages ATM infrastructure and management thus bringing cash to the mass. Founded in 2011, EPS has successfully established robust end-to-end Automated Teller Machine (ATM) Operations & Outsourcing Services, as well as provide a holistic range of ATM Managed Services, enabling banks to concentrate on core banking functions. In addition to ATM services, EPS also provides a best-in-class PCI-DSS certified Transaction Switching Solution, which can drive all industry standard front-end payment devices. To support the Ministry of Finance (Govt. of India) led mission driving ‘Financial Inclusion’, EPS has aced in delivering results, reliability and dependability, having successfully deployed over 10000 ATMs for 26 banks in urban and rural locations across India. Being accredited as established ATM champions in the industry, EPS has now extended its business arms to technology solutions and application-based services into Fraud & Risk Management and Reconciliation services which focus to integrate digital payment channels for banks. EPS’s digital services comprise of a cumulative offering of FRM solutions, reconciliation services, switching services and digital payments as a part of payments stack encompassing AEPS, UPI, PoS, wallets, prepaid cards etc. It is our endeavor to establish Payments Technology / Payments services provider, for all our clients and seamless end-to-end technology solutions for BFSI sectors. Along with a wide array of footprints in India, EPS has expanded to the APAC region in 2017 forming a wholly owned subsidiary of Electronic Payments and Services (India) known as Electronic Payment Australia PTY Ltd (EPAPL) provides a comprehensive suite of payment solutions and services that cater to ATM, PoS, E-commerce, payment cards and all other digital mediums of transactions.
Leading the Retail and Banking Technology Industry Shift
EPS has been the go-to solutions provider in setting up of the entire ATM infrastructure for banks.
With our application services, transaction driving switch enables payment processes and makes it fast and flexible. By using open systems, industry standards, and modest hardware, this Switching Solution provides significantly lower total cost of ownership compared with other solutions and can be used to drive physical ATM. EPS also has EJ tools to determine and build MIS, along with cash forecasting and monitoring tool. With these fresh set of services of FRM and recon, EPS is currently looking at some serious inroads as the industry needs a homogenous payment landscape dotted with core banking system, enterprise fraud management, and unified reconciliation.
Overview of Completed Project Highlights and Achievements
Owing to the success of MoF Financial Inclusion project in 2011, the ministry had announced a common procurement program to deploy 45000 ATM machines nationwide for brown label ATM service for 26 PSU banks. EPS had bagged this MoF project to deploy the brown label ATMs’ across India, where Mani Mamallan (Founder of EPS) had executed the whole project. In 2012, full time operations of this project started post which there was no looking back, from revenue of 8 crores annually to a revenue figure of more than 230 crores in a span of only 6 years. Over and above, EPS is now also serving private banks like Laxmi Vilas Bank and co-operative banks like Sarvodaya Sahakari Bank.
Looking at the Promising Future
Thyagarajan along with his team wishes to establish themselves as the Payments Pundit/ Systems integrator for all their clients as well as provide end-to-end technology solutions for them. Along with a wide array of footprints in India, EPS has also expanded to the APAC region in 2017, forming a wholly owned subsidiary of Electronic Payments and Services (India) known as Electronic Payment Australia PTY Ltd (EPAPL). This subsidiary renders a comprehensive suite of payment solutions and services that cater to ATM, PoS, E-commerce, payment cards and all other digital mediums of transactions.
Thyagarajan’s Valuable Recommendations for the Millennials
“India has around 65% youth below 35 years, who are tech savvy, fast-paced and bursting with dynamism and innovation. From online shopping and next day delivery at a preferred place and time to earning money on a quiz app, has fuelled a culture of instant gratification and opportunity among the millennials. They expect similar immediacy in most of their interactions – including payments. With everyday disruptions and new technology coming into action, we must be also wary of the usability and security and risk aspect. It’s good to be progressive and effervescent with the right mix of feasibility and cause. I believe the youth of today are more privileged and concerned towards a conscious well-being.”