Mumbai-based Fintech startup, TechFini, has secured official approval from the National Payments Corporate of India (NPCI) to operate as UPI-based payment infrastructure provider for Banks, other Financial institutions and Fintech companiesMumbai, July 16, 2024: Mumbai’s Fintech startup TechFini has reportedly received the final approval from the National Payments Corporation of India (NPCI) to operate as an UPI Issuer 2.0, UPI Acquirer 2.0, Issuer of Credit Line on UPI, Acquirer of Credit Line on UPI, and Enabler of RuPay Credit Card and Recurring Mandate on UPI.
The Fintech company has also been certified for UPI Unified Dispute and Issue Resolution (UDIR). The enablement of UDIR makes the startup one of the few platforms to host this feature and will serve as a game-changer for tackling the complexities involved in dispute resolution.
The Unified Payments Interface (UPI)-based transactions reached Rs 20070.81 billion in June, surging 49 per cent on a year-on-year (YoY) basis, according to data by the National Payments Corporation of India (NPCI) released on Monday. The transaction volume in June stood at Rs 13885.14 million, In the wake of this scenario, being facilitators of the NPCI-led UDIR and being able to provide UPI users with a platform to resolve their dispute with ease is a significant breakthrough for the startup.
TechFini is an all-inclusive feature-rich payment infrastructure solution provider enabling Banks, Fintech, and Financial services companies of all-sizes to integrate and simplify payment systems. With the grant of these certifications, TechFini will collaborate with financial institutions to accelerate their payments capabilities, product journey, and digital growth.
The NPCI certifications validate TechFini’s commitment to innovation in payments technology and serve as a source of authentication to its customers and partners striving to access secure, reliable, and trustworthy solutions. Once integrated, Banks, Financial institutions and Fintech will be able to provide multiple payment options to their customers and enable frictionless online and offline transactions, thereby improving their digital payment experience.
Speaking on the announcement, Atish Shelar, Chief Operating Officer of Tech Fini, said, “We are happy to receive certifications from NPCI to facilitate UPI-based payment technologies. This approval acknowledges our efforts to enhance the payments ecosystem and help our clients, as well as their customers, experience seamless UPI payments. We will continue to extend unwavering support to NPCI in driving the Digital India mission.”
