Fintech accelerator programme for digital payments sector unveiled

The digital payment service Bharat Interface for Money (BHIM), developed by National Payments Corporation of India (NPCI).

The digital payment service Bharat Interface for Money (BHIM), developed by National Payments Corporation of India (NPCI).   | Photo Credit: Samyukta Lakshmi

T-Hub also plays host to NPCI’s innovation lab called ‘TxnNxt hub’

An accelerator programme seeking to provide scale-up opportunities for fintech start-ups that have products and services for the digital payments sector was unveiled on Tuesday at T-Hub here.

TxnNxt hub, an innovation lab of the National Payments Corporation of India (NPCI), at the technology start-up incubator was also launched.

For the fintech accelerator programme, T-Hub has partnered Department of Science and Technology (DST) and NPCI, the umbrella organisation for retail payments system in the country. The programme is being presented by DST under its National Initiative for Developing and Harnessing Innovations (NIDHI) acceleration scheme and executed by T-Hub and NPCI, a release said.

The call for applications for the fintech accelerator programme will remain open till January 5, 2020. The TxnNxt hub at T-Hub will enable start-ups access latest technological advancements in the digital payments. Experts from NPCI will organise seminars, workshops, mentoring sessions, and community events with a focus on training start-ups on product development in the fintech domain, the release from T-Hub said.

The incubator will help NPCI source the most innovative solutions that could help bring efficiencies to national-level payments platform. NPCI is behind national-level payments platforms such as UPI, IMPS and RuPay. T-Hub CEO Ravi Narayan said the fintech space is expanding rapidly and the digital payments segment in the country is expected to reach $ 135.2 billion in 2023 from $ 64.8 billion this year. “To fuel this growth, we will need more disruptive solutions for the sector and promote these innovations to corporates and banks. T-Hub is collaborating with NPCI in multiple ways to nurture fintech startups in the ecosystem through this fintech accelerator Program”

The programme is designed to enhance faster product development and scale-up of fintech start-ups that would be shortlisted to be part of the cohort. The cohort start-ups will get to collaborate with NPCI, have access to the latter retail payments APIs for product development and get opportunity to pitch and work with the top-level management of the Corporation.

IT Secretary Jayesh Ranjan said he looked forward to more engagement between the State government and NPCI.

TxnNxt Hub in Hyderabad will facilitate fintech start-ups to connect with NPCI’s ecosystem, Chief of Innovation at NPCI Vishal Anand Kanvaty said.

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Printable version | Jul 7, 2020 9:19:49 PM | https://www.thehindu.com/news/cities/Hyderabad/fintech-accelerator-programme-for-digital-payments-sector-unveiled/article30088973.ece

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