The National Payments Corporation of India entered into an understanding with Fiserv, Inc - a global company of payments and monetary services innovation, to launch a plug-and-play RuPay charge card stack - 'nFiNi', according to a declaration shared by NPCI on Wednesday, September 8.
The banking-as-a-service (BaaS) program will provide a ready stack of services required for fintechs and banks to issue RuPay credit cards.As part of the 'nFiNi program, both organisations - NPCI and Fiserv will expand the market base by enabling banks and fintechs on credit cards.
As soon as onboarded, the fintechs - who largely cater to the new-to-bank-and credit consumer will be able to issue credit to the sector through the nFiNi platform, according to NPCI.Being a development plug-and-play RuPay charge card stack - the 'nFiNi' platform will power the RuPay cards (consisting of the national common mobility cards) by providing access to services through the NPCI network combined with the FirstVisionTM cloud-based open API combinations from Fiserv.
The program will include range to the services provided by new-age fintechs and banks, specifically for the issuance of charge card ...
this will accelerate the penetration of RuPay cards in the country along with lead to increased penetration of credit in the market in both city and rural space, said Nalin Bansal, Chief of Corporate Relationships - Fintechs, NPCI.
It is important to supply a robust tech stack of services to these institutions which will not just help them in smooth combination of services and products but likewise enable them to connect to a higher number of customers more effectively, added Mr Bansal.