In India, just over 2% of the population has credit cards
Fiserv has partnered with the National Payments Corporation of India (NPCI).
Fiserv is a provider of payments and financial technology services while NPCI leads the settlement infrastructure and retail payments infrastructure in India. NPCI has breakthrough products including Bharat Bill Payment System, Unified Payments Interface (UPI) and RuPay to facilitate the launch of nFiNi.
The partnership will not only drive economies of scale but also boost credit inclusion for banks and fintechs. Fintechs will easily issue credit cards while banks will boost their fintech portfolio.
RuPay cards will be powered by nFiNi. The platform will ease access to services through FirstVision and NPCI network from Fiserv. The set of APIs will support the digital user experience, mobile messaging app, in-app push alerts, SMS notification, the provision of instant digital cards and simplified integration options.
The program will also incorporate other services that are offered by new-age banks and fintechs, more so the issuance of credit cards. This move will boost the access of RuPay cards in India as well as credit cards in both the rural and urban areas. By providing robust tech services, the institutions will have a seamless integration of services and products and reach more consumers.
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