TechFini Receives NPCI Approval To Operate as UPI Provider By CIOTechOutlook Team

TechFini Receives NPCI Approval To Operate as UPI Provider

CIOTechOutlook Team | Wednesday, 17 July 2024, 02:34 IST

TechFini, a fintech startup, has been granted official approval by the National Payments Corporation of India (NPCI) to function as a provider of payment infrastructure using the Unified Payments Interface (UPI) for banks and other fintech firms.

This authorization allows the Mumbai startup to operate as a UPI issuer 2.0, UPI acquirer 2.0, provider and recipient of credit lines on UPI, and facilitator of RuPay credit cards, among other roles.

Moreover, the company has received certification for UPI Unified Dispute and Issue Resolution (UDIR), positioning it as one of the limited platforms equipped to handle the intricacies of settling disputes.

“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,” said Atish Shelar, chief operating officer of TechFini.

TechFini, established in 2023, is a provider of payment infrastructure solutions that allows banks, fintechs, and other financial services companies to easily integrate and streamline payment systems. The company provides a variety of products such as acquiring switch, issuing switch, UPI switch, expense management, card management, and payment gateway software.

According to NPCI data, UPI-based transactions in June surpassed Rs 20 lakh crore in value, marking a 49% year-on-year growth. The month's transaction volume was 13,885.1 million.