Mindgate Solutions, a leader in payments technology and transaction processing, has demonstrated the robust readiness of its UPI, CBDC and other platforms by introducing a series of innovative use cases launched by NPCI. These groundbreaking solutions, developed in close collaboration with leading banks, highlight Mindgate's commitment to revolutionizing the digital payments landscape and solidifying its position as a leader in the Digital Payment industry.
Mindgate’s tailored solutions integrate seamlessly with banks' existing systems, enabling customers with advanced payment capabilities. Launched at the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai, these use cases include Programmable CBDC (Central Bank Digital Currency), Delegate Payments under UPI Circle, e-Rupi P2P voucher, Contextual Payments, UPI Lite Auto-Topup, UPI-ICD (Interoperable Cash Deposit using UPI). In addition, Mindgate also enabled Embedded Payments (IoT based payments) under UPI Circle that allows payments from smart devices.
Mindgate's collaboration with leading banks marks a significant step in the evolution of India’s payments infrastructure.
On this occasion, George Sam, Co-Founder & Business Head of Mindgate, stated, “We are thrilled to serve as a TSP, contributing to NPCI's broader mission of making digital payments accessible to every Indian. Each feature launched at GFF is a significant step toward creating a more inclusive and convenient financial ecosystem. We deeply appreciate NPCI for giving us the opportunity to support banks in rolling out these unique features, further empowering users across the country.”
The highlights of GFF, and particularly important for Mindgate, were the launch of Programmable CBDC and Delegate Payments in UPI Circle. The Programmable CBDC offers users enhanced control over how E-Rupee is utilized, providing unprecedented transparency and flexibility. For instance, location-based settings can restrict transactions to predefined geographic areas, ensuring that funds are only used within authorized locations. This feature empowers users to monitor and manage their finances more effectively.
Delegate Payment on UPI Circle is designed to enable trusted contacts to make digital payments without needing to link their own bank accounts. This feature is particularly beneficial for segments of customers who still rely on cash or hesitate to use UPI due to limited access to banking services or other concerns.
Elaborating on the technology infrastructure behind these use cases, Guhan Muthuswamy, Co-founder & Software Architect at Mindgate, added, “The launch of the programmable CBDC feature represents a significant leap forward in the application of digital currencies. Our platform’s scalability and high transaction capacity align perfectly with the forward-thinking approach taken by the leading banks we work with, making us a preferred partner for this groundbreaking venture.”
In addition to these features, Mindgate showcased its platform's capabilities and scalability at the Global Fintech Festival (GFF) with XPRESS UPI—an intuitive, one-step payment solution that simplifies transactions without requiring app switching. XPRESS UPI ensures a smooth user experience by reducing technical issues and accelerating payments.
Mindgate’s payment solutions, including Digital Overlay Services and the UPI Payment Gateway, deliver a seamless experience aligned with modern commerce needs. Mindgate’s robust security measures guarantee safer implementation, reinforcing trust between financial institutions and their customers.
As a leader in the digital payments landscape, Mindgate is committed to supporting the global expansion of digital payments by creating scalable solutions that meet the needs of the future. Currently, Mindgate processes over 7 billion digital payment transactions monthly, facilitating approximately 50% of all UPI transactions and enabling $1 trillion in transactions via partner banks across the country.
