Tech start-up incubator, T-Hub, and the National Payments Corporation of India (NPCI) have jointly launched a fintech accelerator programme.
T-Hub will assist NPCI in innovating solutions from fintech start-ups, in a bid to improve efficiencies in services provided by its payments platform.
The introductory edition is supported by the Department of Science and Technology (DST).
Experts from NPCI will be mentoring the shortlisted fintechs. They will be organising events with its focus on product development in the fintech domain.
An initiative of Reserve Bank of India and the Indian Banks’ Association, NPCI offers a tech platform that ensures people in completing financial transactions.
Vishal Anand Kanvaty, Chief of Innovation at NPCI, said that the shortlisted start-ups will get access to NPCI’s retail payments APIs, for the product development. “They will also get an opportunity to pitch their work with top executives of NPCI,” he 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,” Ravi Narayan, the Chief Executive of T-Hub, said.
“We will need more disruptive solutions for the sector and promote these innovations to corporates and banks,” he said at the launch of the accelerator.
The NPCI also unveiled the txnnxt hub, an innovation lab at T-Hub, which will ensure fintech start-ups access to technologies.
Fintech start-ups who are interested in joining the accelerator can start applying from November 26. The last date for submitting applications is January 5, 2020.