QPS announces partnership with Mastercard for Transaction Processing Services
Gurgaon, India, February 1, 2017: - QPS, a global fintech company that specializes in full service payment processing, today announced that it has won the contract of being the Type 1 Third Party Processor from Mastercard. As a result of the alliance, QPS will provide end-to-end technology and operations support to Mastercard for processing digital payments.
The collaboration, being the first in South Asia for a payment processor, empowers QPS to operate Mastercard Interface Processors (MIPs) without the support of any sponsoring bank. The MIPs facilitate processing of Credit and Debit Card transactions in real time and provide a link between Bank’s / Processor’s host and the Mastercard Network. Through this approval, QPS has also received an acquiring bin of its own that allows the company to offer merchant acquiring services directly after obtaining necessary approvals from Reserve Bank of India.
Mr. Rajesh Dhuddu, Senior Vice President at QPS says, "The push towards digital payments across India especially after the demonetization exercise can yield very good results only if the payment processing infrastructure is available at affordable price points and without the need to incur significant upfront capital expenditure. This is the need of the hour for Banks, Payments Banks, Small Finance Banks, Prepaid Issuers, Wallet Companies and Merchants. With this approval from Mastercard, QPS is uniquely poised to address all these requirements especially of the financial institutions that belong to the long tail market."
The spokesperson further added, "We are also delighted to become the first payments processor in entire South Asia to obtain Mastercard Type 1 TPP approval. This reiterates the confidence of Mastercard in QPS and its ability to provide a good ‘product, price and performance’ equation to financial institutions and empower them to further disrupt the digital payments market."
Mr. Amitabh Khanna, Head Customer Delivery – South Asia at Mastercard said, "We welcome QPS’s talented team into the Mastercard family. The association will strengthen our capabilities and will enable us to offer a true end-to-end solution to our customers. QPS's expertise complements Mastercard's products and services, enabling us to emerge stronger in the area of processing and switching."
QPS, a division of QPS, is a leading payment processing and fintechservices provider to Banks, Financial Institutions, Prepaid Issuers, Wallet Companies, Merchants and Payment Gateways worldwide. The company’s core team of over 600 seasoned associates consists of payments / cards transaction processing analysts, risk management professionals and technology experts with a track record of providing card processing and transaction processing services in USA, India, Middle East and South East Asia. QPS’ payment technologies offer Card Management Systems with an integrated switch that supports Issuing (Credit, Debit, Prepaid, Forex Prepaid and Virtual Prepaid), Acquiring, Mobile POS, ATM Driving and Payment Gateways using one platform and interface.
QPS payment solutions are built based on expertise in payment programs, product development, payment processing technology, loyalty and rewards solutions, payment security, consulting and information services. The company is uniquely positioned to offer next generation payments processing services providing unmatched ROI to financial institutions, merchants, payment gateways, processors, prepaid issuers, wallet companies and program managers.
For more information, please access www.qpsinternational.com
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
QPS Media Contact:
Associate Vice President – Market Development
Tel: +91 124 4561000
Head - Corporate Communications, Mastercard - South Asia