DBS Bank India delivers real-time payments to country's trucking industry
DBS Bank India is offering a real-time digital payment service for truck drivers and supply chain companies that generally have round-the-clock operations and large transaction volume to cover employee expenses.
DBS Rapid will enable instant payments through connections with the United Payment Interface in India, a real-time payment platform established in 2016 to make it easier for businesses to accept pull payments or initiate push payments through a digital network and support the drive to make India a cashless economy.
The National Payments Corporation of India will oversee the payment system, which will be available 24 hours every day of the year.
DBS Bank is partnering with Telecommunications Consultants India Ltd. to deliver DBS Rapid. TCIL is a major integrated supply chain and logistics software provider that has established freight management, supply chain design implementation and fleet management solutions.
DBS Rapid will address the need to make advance payments to truck drivers for expenses for fuel, toll payments and other expenses. Previously, those payments were primarily cash-based or through prepaid cards that could take days to establish.
"DBS Rapid can be seamlessly integrated into our corporate customers' systems or platforms to facilitate payments and banking transactions in real time," Divyesh Dalal, head of global transaction services at DBS Bank India, said in a Tuesday press release.
In working with TCIL, the payment service "enables truck drivers to live hassle-free and manage their expenses with ease, thereby aligning our commitment to supporting lives and livelihoods," Dalal added.
Companies already adopting DBS Rapid include Mahanagar Gas, Lykos, Herbalife and Zolo Stays.