The groundwork was laid at November’s UK-India TECH Summit in New Delhi, which was let by Prime Ministers Theresa May and Narendra Modi.
VST Enterprises’ VCode technology will initially provide authentication for 40 million households receiving electronic benefits.
The companies will facilitate two million monthly transactions at the onset before expanding. VST Enterprises estimates the Indian government will save $2 billion by adopting its system.
“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,” VST Enterprises CEO Louis-James Davis said. “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.”
“VST Enterprises is a prime example of how UK firms are seizing the numerous opportunities available in overseas markets,” International Trade Secretary Liam Fox said.
“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.”
Sreeven Paytech managing director K S Raju said a joint venture company, VEBT India Pvt Ltd will promote VCode technology across 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.”
VST Entreprises expects to add a minimum of £4 billion to its worth.