TechFini Gets NPCI Nod To Facilitate UPI-Based Payment Solutions

SUMMARY
TechFini can now operate as an UPI issuer 2.0, UPI acquirer 2.0, issuer and acquirer of credit lines on UPI, and enabler of RuPay credit cards and recurring mandate on UPI, the company said in a Linkedin post
The company has also been authorised for UPI Unified Dispute and Issue Resolution to resolve customer disputes and grievances pertaining to UPI payments
Founded in 2023, TechFini offers a host of products such as UPI switch, POS switch, acquiring switch, card management, fraud and risk management and collections and debtor management software

Fintech startup TechFini has got the greenlight from the National Payments Corporation of India (NPCI) to facilitate UPI-based payment solutions to banks and financial institutions.
With the Mumbai-based startup having received the NPCI nod, it can now operate as an UPI issuer 2.0, UPI acquirer 2.0, issuer and acquirer of credit lines on UPI, and enabler of RuPay credit cards and recurring mandate on UPI, the company said in a LinkedIn post.
ET reported the development first.
Further, the company has also been authorised for UPI Unified Dispute and Issue Resolution to resolve customer disputes and grievances pertaining to UPI payments.
Founded in 2023, TechFini empowers banks, fintechs and businesses with tailored application programming interface solutions spanning diverse financial services. It offers a wide range of products such as UPI switch, POS switch, acquiring switch, card management, fraud and risk management and collections and debtor management software.
It is pertinent to note that the NPCI has granted third party application provider (TPAP) licence to more than two dozen companies, including Paytm, CRED, GooglePay and PhonePe.
As per current regulations, payment service providers need to obtain a TPAP licence to run UPI services and facilitate merchant transactions through partner banks.
As per the NPCI datathe UPI transaction volume saw a 1.9% month-on-month decline to INR 20.07 Lakh Cr in June as against INR 20.45 Lakh Cr in May. On a year-on-year basis, the transaction volume jumped 36%.
Meanwhile, in a mission towards its international expansionNPCI’s international arm, NPCI International Payments Limited (NIPL) has partnered with the UAE-based Network International to fuel UPI payments in the Middle Eastern country.
Earlier this month, NIPL teamed up with Qatar National Bank to enable QR-based UPI payments in Qatar.

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