NPCI works in the retail payments and settlement infrastructure in India with products like Unified Payments Interface (UPI), Bharat Bill Payment System, and RuPay. The partnership will enable the launch of ‘nFiNi’, a ready stack of services that fintechs and banks can use to issue RuPay credit cards.
As just over 2% of the population in India has access to credit cards, this initiative has the potential to boost credit inclusion and drive economies of scale for fintechs and banks. Fintechs will be able to issue credit to their customers, many of whom are first-time users of banking and credit services, and banks will be able to grow their fintech portfolio while maintaining focus on their core offerings.
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