Nucleus Software the leading provider of lending and transaction banking solutions to the global financial services industry, announced the extended digitization capability of its lending mobility solution (FinnOne Neo mCollect) which can now be used for Unified Payments Interface (UPI) based direct fund transfers.

To push its goal of turning India into a "cashless society", the government has rolled out multiple initiatives for facilitating seamless digital payments transactions Including UPI-based apps and services, most notable of them being the Bharat Interface for Money (SHIM).

As per dita from the RBI, the number of transactions across UPI increased by 584 per cent (0.3 to 4.5 million) since demonetisation in Nov 2016 and reached 6.9 million amounting to a value of Rs 22 billion in April 2017.

With fast growing adoption of digital payments, it is Important for banks and financial services companies to extend their digitization initiatives to loan collections and offer convenient payment options to their loan customers.

Shares of the company declined Rs 0.25, or 0.09%, to trade at Rs 289.10. The total volume of shares traded was 2,018 at the BSE (10.57 a.m., Monday).