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Fintech startup TechFini gets NPCI nod to operate as UPI provider

Economic Times

Economic Times · 1y ago

Fintech startup TechFini gets NPCI nod to operate as UPI provider

Mumbai-based fintech startup TechFini has gained final approval from the National Payments Corporation of India (NPCI) to serve as a Unified Payments Interface (UPI)-based payment infrastructure provider. The approval allows TechFini to function as a UPI issuer and acquirer, as well as enable RuPay credit cards and provide dispute resolution services. Established in 2023, TechFini offers a range of payment system solutions, including acquiring switch, issuing switch, UPI switch, expense management, card management, and payment gateway software. In June, UPI transactions in India reached over Rs 20 lakh crore in value, reflecting a 49% YoY increase.

Related News

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Inc42 · 1y ago

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Paytm, a leading fintech company in India, has received approval from the National Payment Corporation of India (NPCI) to migrate its UPI users to new payment system provider (PSP) bank handles. This comes after the NPCI approved Paytm as a third-party application provider on the multi-bank model. Paytm has expedited its integration with Axis Bank, HDFC Bank, SBI, and YES Bank, and has started transitioning its users to these PSP banks to ensure smooth UPI payments.

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Inc42 · 1y ago

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Paytm's parent company, One97 Communications Ltd, has been granted approval by the National Payments Corporation of India (NPCI) to participate in UPI services as a Third-Party Application Provider. This allows Paytm to operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The approval comes as a relief for Paytm, as the company has seen a significant drop in shares and investments following regulatory actions on Paytm Payments Bank Ltd.

Paysharp Gets Payment Aggregator Nod From RBI

Inc42 · 11m ago

Paysharp Gets Payment Aggregator Nod From RBI

Paysharp, a Chennai-based fintech startup, has received final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator. Founded in 2019, the company has raised INR 23 Cr in funding and is currently valued at INR 200 Cr. Paysharp's business model revolves around providing flat pricing for merchants, with a specific focus on non-card-based payment solutions such as UPI and virtual accounts.

Paytm gets NPCI nod to become a third-party UPI app

Money Control

Money Control · 1y ago

Paytm gets NPCI nod to become a third-party UPI app

The National Payments Corporation of India (NPCI) has granted approval to Paytm to continue offering Unified Payments Interface (UPI) services as a Third-Party Application Provider (TPAP) under a new multi-bank model. Paytm will partner with four banks - Axis Bank, HDFC Bank, State Bank of India, and Yes Bank - to provide payment services through UPI. Yes Bank will also act as the merchant acquiring bank for Paytm's UPI merchants. Paytm has been instructed to complete the migration of existing handles and mandates to the new banks at the earliest.

Paytm gets NPCI nod to become third-party app provider for UPI

Entrackr

Entrackr · 1y ago

Paytm gets NPCI nod to become third-party app provider for UPI

Paytm has received permission from the National Payments Corporation of India (NPCI) to participate in UPI through the Third-Party Application Provider (TPAP) under the multibank model, as per the fintech company’s filings on the exchange. In a separate release, NPCI stated that four banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will act as Payment System Providers (PSP). “Yes Bank will also serve as the merchant acquiring bank for existing and new UPI merchants for OCL. The “@Paytm” handle shall be redirected to Yes Bank,” the agency said. This move will enable Paytm users and merchants to continue using UPI services, including autopay mandates, without interruption. OCL (Paytm-parent One 97 Communications) has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks as soon as possible. The announcement comes weeks after the central bank announced a set of additional steps as a follow-up to its actions against Paytm Payments Bank. The steps also included an advisory to NPCI to consider OCL’s request to become a TPAP for the UPI channel. Recently, Paytm discontinued inter-company agreements between the company and Paytm Payments Bank Limited (PPBL). The new move aimed to ensure the independent operations of PPBL, the company added. Earlier, Vijay Shekhar Sharma stepped down from his position as part-time non-executive chairman and board member of PPBL. The company also announced the reconstitution of its board of directors and plans to soon appoint a new chairman. The developments came in the wake of the Reserve Bank of India (RBI) imposing a set of business restrictions on Paytm Payments Bank over non-compliance and regulatory concerns.

Stripe gets final RBI nod for payment aggregator business

Inc42 · 1y ago

Stripe gets final RBI nod for payment aggregator business

Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.

Paytm gets NPCI approval to become a third-party UPI app

Inshorts · 1y ago

Paytm gets NPCI approval to become a third-party UPI app

National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL), Paytm's parent entity, to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL.

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

Inshorts · 1y ago

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

The RBI has advised National Payments Corporation of India (NPCI) to consider the request of Paytm parent One97 Communication to become a Third-Party Application Provider for UPI transactions. For the seamless migration of the '@paytm' handle to other banks, NPCI may facilitate the certification of 4-5 banks as Payment Service Provider banks to process high-volume UPI transactions.

NPCI allows Paytm to become third-party application on UPI with four banks

Economic Times

Economic Times · 1y ago

NPCI allows Paytm to become third-party application on UPI with four banks

Paytm parent company One97 Communications has been granted approval by the National Payments Corporation of India (NPCI) to operate as a third-party application provider on the Unified Payments Interface (UPI) infrastructure. This allows Paytm to offer UPI services to its users through a multi-bank model, moving away from its exclusive partnership with Paytm Payments Bank. Four major banks, including Axis Bank and HDFC Bank, will act as payment system providers to Paytm. This move comes as Paytm Payments Bank was barred from accepting new deposits and providing banking services from March 2024.

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