Mumbai–8 September2021:National Payments Corporation of India (NPCI) andFiserv, Inc., a leading global provider of payments and financial services technology, have entered into anunderstandingthat will enable the launch of plug and play RuPay credit card stack,‘nFiNi’. This BaaS (banking-as-a-service) programprovides a ready stack of services required for fintechs and banks to issueRuPay credit cards.
The nFiNiprogram will significantly reduce onboarding time via services offered including a hosted card management system covering transaction processing, fraud, and risk management, open APIs, and surround services to support card programs. Fintechs will now be ableto co-create new credit card programs sponsored by banks on nFiNi. This will bring in significant efficiencies for banking and fintech institutions at various levels in terms of operations and customer management. The program will further enable these institutions to expand their market baseto new-to-credit customers.
Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCIsaid, “We are glad to collaborate with Fiserv for the launch of innovative RuPay credit card stack for banks and fintechs. The programwill add variety to the services offered by new-age fintechs and banks, especially for the issuance of credit cards. We believe this will accelerate the penetration of RuPay cards in the country as well as lead to increased penetration of credit in the market in both urban and rural space. It is important to provide a robust tech stack of services to these institutions which will not only help them in seamless integration of products and services but also allow them to reach out toa greater number of customers more effectively.”
Rishi Chhabra, General Manager – India & Sri Lanka, Fiserv said, “Fiserv is proud to partner with NPCI in the journey to expand credit card and financial solutions to the larger population. NPCI, with its well-established market leadership in enabling digital payments and settlements, is in an excellent position to support the fintech ecosystem in building access to credit for India. The service-oriented architecture and open APIs of locally-hosted FirstVision facilitate rapid application development to enable new capabilities to be brought to market more quickly, while at the same time, facilitating regulatory compliance. In this endeavor to drive financial and credit inclusion, we look forward to working with NPCI and the alternate data providers and credit bureaus as we jointly build use cases in the market.”
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS),Unified Payments Interface (UPI),Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.