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
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Fintech startup TechFini has secured certification from the National Payments Corporation of India (NPCI) to provide UPI-based payment infrastructure to banks, financial institutions and fintech companies.
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.
Further, the company has also been authorised for UPI Unified Dispute and Issue Resolution to resolve customer disputes and grievances pertaining to UPI payments.
Commenting on the development, Atish Shelar, chief operating officer of TechFini, 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.”
Founded by Mohan K and Jai Kumar 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.
As per the NPCI data, UPI transactions saw a 1% month-on-month drop to 13.89 Bn in June from 14.04 Bn in the previous month.
Meanwhile, UPI transaction volume stood at INR 20.07 Lakh Cr in June, 1.9% lower from INR 20.45 Lakh Cr in May. On a year-on-year basis, the transaction count jumped 49% while transaction volume jumped 36%.
Meanwhile, in a mission towards its international expansion, NPCI’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.
[Note | July 17, 17:45 PM] The story has been updated to reflect changes made by TechFini in its press release.
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