The National Payments Corporation of India (NPCI) has collaborated with Nasdaq-listed firm Fiserv to launch an application programming interface (API) for startups and banks trying to build credit card products on its RuPay card said, senior company executives.
They said this partnership would help faster and cheaper onboarding of customers and merchants by banks and allow fintech firms to build new models of digital interfaces for customers beginning RuPay credit card products. “NPCI is looking to expand credit issuance in India. Our tech stack on RuPay will support scalability for both banks and fintech. We have thousands of micro-APIs for the fintech organisations to code, apply, onboard and begin their services at scale.” Rishi Chhabra, head of India and Sri Lanka at Fiserv, said.
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According to Nalin Bansal, the chief of corporate relationships and fintech at NPCI, the partnership with Fiserv will help RuPay build an ecosystem in its credit card products and attract more fintech firms to innovate and compare these offerings. The platform, called ‘nFiNi’, will support RuPay cards by offering services by the NPCI network and Fiserv with a set of APIs. This will help the digital user experience, allow push alerts for the app, mobile messaging app and SMS notifications, and instant digital card provisioning, letting customers transact instantly after approval of a RuPay card.