TechFini receives NPCI approval for facilitating UPI-based payment solutions

Mumbai-based fintech startup TechFini has received final approval from the National Payments Corporation of India (NPCI) to operate as a UPI Issuer 2.0, UPI Acquirer 2.0, Issuer of Credit Line on UPI, Acquirer of Credit Line on UPI, and Enabler of RuPay Credit Card and Recurring Mandate on UPI.

The comprehensive approval positions TechFini as a significant player in the UPI-based payment solutions market, enabling it to offer various services to banks and fintech companies.

According to NPCI data released recently, UPI-based transactions reached a staggering Rs 20,070.81 billion in June, marking a 49% increase on a year-on-year basis. The transaction volume for June stood at 13,885.14 million. 

UDIR certification 

TechFini has also been certified for UPI Unified Dispute and Issue Resolution (UDIR), which distinguishes it as one of the few platforms equipped to handle the complexities of dispute resolution effectively. 

The UDIR certification is expected to be a game-changer for the startup, providing a streamlined process for addressing transaction disputes, which is a critical aspect of the payment ecosystem.

Partnering with financial institutions

With these certifications, TechFini is set to collaborate with financial institutions to enhance their payment capabilities, accelerate their product journeys, and drive digital growth.

The development will enable banks, financial institutions, and fintech companies to provide diverse payment options to their customers, improving both online and offline transaction experiences.

What does TechFini do?

Founded in 2023 by Mohan K and Jai Kumar, TechFini aims to provide a secure, reliable, and accessible payment ecosystem for banks, financial institutions, and fintech companies.

The company offers a suite of products including acquiring switch, issuing switch, UPI switch, expense management, card management, and payment gateway software.

“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. We will continue to extend unwavering support to NPCI in driving the Digital India mission," said Atish Shelar, Chief Operating Officer of TechFini.