Chennai: While a number of industries have seen a downturn since the onset of the pandemic, the digital payments space has seen increased adoption. Nagaraj V Mylandla, Founder, Chairman & Managing Director of Chennai-based FSS Technologies said the company with its domain expertise and integrated portfolio of payments products was well-positioned to become the fintech partner for banks for digital transformation and growth.
“Whilst the move to digital payments predates Covid 19, the pandemic has accelerated banks’ digitization efforts,” he said. “Different banks are at varying stages of maturity and opportunities exist across the payment spectrum – prepaid cards, omni-channel acquiring (online, and contactless payments), risk-based customer authentication, payment analytics, reconciliation and digital security.”
Owing to the demand upside for digital payment products, he said the company has not had to revise its sales targets. He said the company’s broad portfolio of payment products, diversified geographic growth and flexible commercial model helped to remain resilient.
“However, there is a shift in deployment patterns. Customers are increasingly opting for SaaS-based business models such as those offered by FSSNeT to improve revenue growth. This will have a medium-term impact on the revenue mix of the company,” Nagaraj said. “FSS has been clocking an above industry average growth rate and is well-positioned to achieve double digit growth this year.”
In line with the company’s growth plans, he said the focus would continue to be expansion in India while also growing in the Middle East, Africa, Europe. He added that the company recently signed a multi-year deal with Everlink, a large payment processor in Canada, for its Unified Card Management Platform.
He said the company’s next big launch was going to be around analytics and data science and will be designed to address the Big Data opportunity in the payments space.
“The product is a complete persona-based analytics suite that comes with predefined insights by business product areas, the matrix keeps growing and will soon map the entire payment ecosystem. The product helps banks to make data-driven business decisions, enhance productivity and business efficiency,” Nagaraj said.