In September 2021, the National Payments Corporation of India (NPCI) partnered with fintech firm ‘Fiserv’ to launch “nFiNi”, a RuPay based Application Programming Interface (API) platform to boost Credit card-based products in India.
- nFiNi is a BaaS (banking-as-a-service) programme, that will provide a wide variety of services to Indian fintech companies & banks to distribute RuPay credit cards.
- The nFiNi platform will power RuPay cards (including National Common Mobility Card) by offering access to needed services through the NPCI network combined with FirstVisionTM cloud-based open API integrations from Fiserv.
Services under nFiNi – Support for digital user experience in Mobile apps, SMS notifications, instant digital card provisions and other immediate transaction features.
Note – Currently, credit card providers MasterCard & American Express were barred from onboarding new customers, due to non-compliance with RBI rules on data localisation.
i.The platform enables Fintech companies to co-create new Credit Card schemes sponsored by Banks registered on nFiNi, to increase the use of credit cards in Urban & rural India.
ii.Companies can collaborate and frame new innovative credit card products for RuPay credit card customers.
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In May 2021, NPCI onboarded PayCore, Turkey’s global payment solutions company as one of the certified partners for ‘RuPay SoftPOS’ to drive cashless payments across the country.
General Manager (India & Sri Lanka) – Rishi Chhabra
Headquarter – Brookfield, USA
About National Payments Corporation of India (NPCI):
In 2012, NPCI launched ‘RuPay’ – an Indian Multinational Payment System
MD & CEO – Dilip Asbe
Established – 2008
Headquarters – Mumbai, Maharashtra