VST Enterprises’ VCode® technology will provide authentication for the electronic benefit transfer system, benefitting an estimated 40 million households initially according to VST. In addition, the companies report they will be facilitating two million electronic financial transactions per month before expanding within the market.
VST says an estimated $2bn is set to be saved for the Indian government by implementing the secure system. The VCode® system allows users to authenticate themselves and help fight against fraud, ensuring benefits and financial transactions reach the genuine recipients and not the fraudsters.
The opportunity will also add a minimum of £4bn of user value to VST Enterprises’ company worth. A comparison in tech terms to the recent Facebook IPO whereas 1 active user is valued at $100.00.
International Trade Secretary Liam Fox said:
“VST Enterprises is a prime example of how UK firms are seizing the numerous opportunities available in overseas markets.”
“India is one of the world’s biggest and fastest growing markets, which is why the Prime Minister and I recently led a delegation of businesses there. It’s great to see VST Enterprises follow that with a new contract which will use the best of British innovation to deliver huge benefits for India and for the UK.”
Louis-James Davis, CEO at VST Enterprises, added:
“At VSTE we believe in infinite possibilities, so are thrilled to secure a major new deal to authenticate payments and help eliminate fraud from the Indian benefit system.”
“Online security is a challenge facing large-scale government schemes across the world and VCode® will help provide faster payments quicker and safer than ever before.”
“We were honoured to join the Prime Minister’s trade mission to India and hope our technology can play a significant role in improving the lives of over 40 million households. And we hope this is just the beginning of our development into the Indian market.”
“The money saved for the government by implementing our system could provide life changing benefits to the population. India and could see new infrastructure, schools and a boost in their economy.”
K S Raju Managing Director,Sreeven Paytech Pvt Ltd, added:
“At Sreeven Paytech, quality is a continuous process that is reflected in the companies emphasis on improving technology and adopting global best practices to provide utmost quality deliverables to our clients.”
“We are excited to announce our joint venture company VEBT India Pvt Ltd with VST Enterprises for promoting their advanced VCode technology which can provide improved transparency in ‘electronic benifit transfer’ to protect against fraud and we are confident in bringing quick adoption of the VCode technology to India.”
“The recent developments in India with boosted online transactions has opened up various opportunities for VST Enterprises for creating custom solutions to multiple business verticals including media advertisement, healthcare, retail for loyalty and end-to-end traceability solutions to eliminate mainstream counterfeiting.”
The UK-India TECH Summit was hosted in New Delhi in November by the Prime Minister and her Indian counterpart, boosting hi-tech trade between India and the UK.
VST Enterprises’ VCode® technology allows genuine users to authenticate themselves across a variety of online transactions and interactions. It is currently being used to protect against fraud in many sectors, from document verification, to unattended car park payment systems, and interactive charitable-giving transactions.