Mumbai-based fintech startup TechFini has received National Payments Corporation of India’s (NPCI) approval to operate as a Unified Payments Interface-based payment provider for fintech platforms and banks.
With the move, the fintech startup will operate as a UPI issuer 2.0, UPI acquirer 2.0, UPI credit lines issuer & acquirer, RuPay credit card enabler, recurring mandate on UPI, and UPI Unified Dispute and Resolution (UDIR) amongst the selective platforms of such kind.
Atish Shelar, TechFini’s Chief Operating Officer, commented on the approval, “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.”
The fintech startup was founded in 2023 and functions as a payment infrastructure solution provider for banks, and fin-techs among other financial firms along with products in the range of UPI switch, card management, payment gateway software, issuing switch, and expense management. The NPCI-nod should allow the fintech startup to partner with financial institutions to expand and simplify their payment options and digital growth.
The NPCI data reveals that UPI transactions grew by 49% on a YoY basis, reaching Rs 20,070.81 billion in June 2024 with a transaction volume worth Rs 13,885 million.
