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Cashfree receives NPCI certification for its own UPI switch

Economic TimesEconomic Times · 1y ago
Cashfree receives NPCI certification for its own UPI switch
Medial

Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service. This certification allows Cashfree to directly integrate with any bank's core banking software, resulting in a higher transaction success rate for its merchants. With this certification, Cashfree can settle around 12,000 transactions per second. The UPI Switch was developed in collaboration with NSDL Payments Bank as the sponsor bank. This achievement will lead to a 5% increase in Cashfree's transaction success rates, faster merchant onboarding, and improved control over the payments process. Cashfree Payments is a leading payment aggregator trusted by over 600,000 businesses, processing transactions worth $80 billion annually.

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Curie Money receives NPCI approval, goes live across India

EntrackrEntrackr · 1m ago
Curie Money receives NPCI approval, goes live across India
Medial

Curie Money receives NPCI approval, goes live across India Curie Money, a fintech platform focused on savings and payments, has received final approval from the National Payments Corporation of India (NPCI) to expand its services nationwide. With this approval, Curie has exited its beta phase and is now live for all users on Android and iOS. Curie previously raised $1.2 million (Rs 10 crore) in seed funding in December 2024, led by India Quotient with participation from other investors. Founded by Arindam Ghosh and Tushar Choudhary, Curie Money operates as a mutual fund–backed UPI app that enables users to invest, spend, and manage money seamlessly. It holds an AMFI mutual fund distribution license and NPCI approval for UPI operations. It allows users to grow their money in liquid mutual funds while maintaining instant access through UPI payments. The platform combines investment and payments, enabling users to earn daily returns and spend instantly from the same balance. The product operates through partnerships with YES Bank and asset management companies including ICICI Prudential and Bajaj Finserv. It complies with mutual fund and payment regulations to ensure secure transactions. Users earn returns of up to 6.7% annually through liquid mutual funds, with every UPI payment processed by instantly redeeming the required amount. The model aims to replicate money market systems used in developed economies by linking liquidity and returns in a single product.

Junio receives RBI approval to issue prepaid payment instruments

EntrackrEntrackr · 12d ago
Junio receives RBI approval to issue prepaid payment instruments
Medial

Junio Payments, a subsidiary of FirstPay Technologies, has received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs). According to Junio Payments, this marks a significant milestone in its journey to expand access to secure and innovative digital financial solutions designed especially for teenagers and young adults. With this authorisation, Junio will soon introduce a digital Wallet linked to UPI, allowing users to scan UPI QR codes and make payments even without a bank account. This capability aligns closely with the UPI Circle initiative launched by NPCI, enabling youngsters to make UPI payments using their parents’ linked UPI accounts. Founded by Ankit Gera and Shankar Nath, Junio has been at the forefront of creating a unique digital ecosystem tailored for young users. The Junio app, along with its RuPay co-branded physical and virtual prepaid cards, empowers parents to transfer money, set spending limits, assign tasks or allowances, and monitor financial activity in real time. “Prepaid wallet is more powerful now as it can be linked for UPI payments. Our focus is on innovation that balances freedom with guidance—ensuring every digital transaction becomes a step toward independence, literacy, and trust,” said Ankit Gera, co-founder of Junio Payments. The Junio app, trusted by over 2 million students and young professionals, creates a safe, cashless, and educational payment environment for India’s digital-native youth. It supports online and offline purchases, tap & pay, and NCMC-enabled transit payments.

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