The National Payments Corporation of India entered into an understanding with Fiserv, Inc - a global provider of payments and financial services technology, to launch a plug-and-play RuPay credit card stack - ‘nFiNi', according to a statement 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. Once onboarded, the fintechs - who largely cater to the new-to-bank-and credit customer will be able to issue credit to the segment through the nFiNi platform, according to NPCI.
Being a plug-and-play RuPay credit card stack - the 'nFiNi' platform will power the RuPay cards (including the national common mobility cards) by providing access to services through the NPCI network combined with the FirstVisionTM cloud-based open API integrations from Fiserv.
The microservices-based platform-as-a-service provides a set of APIs that supports digital user experience, SMS, push alerts to support in-app, and WhatsApp notifications, simplified integration options, and instant digital card provisioning, allowing customers to transact immediately after being approved for a card.
The program will decrease the onboarding time through the services offered including a hosted card management system covering the transaction processing, open APIs, fraud, and risk management, and surround services to support card programs. This initiative will also allow institutions to expand their market base to new-to-credit customers.
'The program will add variety to the services offered by new-age fintechs and banks, especially for the issuance of credit cards....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,' said Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI.
'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 to a greater number of customers more effectively,' added Mr Bansal.
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