TechFini Receives NPCI Certification to Operate as UPI Provider

Tags: Economy/Finance

Mumbai-based fintech startup TechFini has been certified by the National Payments Corporation of India (NPCI).

An Overview of the News

• This certification allows TechFini to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider for banks and fintech companies.

• Validates TechFini's commitment to innovation in payments technology.

• Provides authentication to customers and partners for secure, reliable, and trustworthy solutions.

Operational Capabilities Enabled:

• UPI Issuer 2.0

• UPI Acquirer 2.0

• Issuer of Credit Line on UPI

• Acquirer of Credit Line on UPI

• Enabler of RuPay Credit Card on UPI

• Enabler of Recurring Mandate on UPI

Unified Dispute and Issue Resolution (UDIR):

• TechFini has been certified for UPI Unified Dispute and Issue Resolution (UDIR).

• This certification positions TechFini as a key player in addressing dispute resolution complexities.

Collaborative Efforts:

• With these certifications, TechFini will collaborate with financial institutions.

• Aims to accelerate payments capabilities, product journey, and digital growth.

UPI Transaction Growth:

• In June 2024, UPI-based transactions reached over Rs 20 lakh crore.

• This represents a 49% year-on-year increase.

• The transaction volume stood at 13,885.1 million.