Info-tech

NPCI, T-Hub launch fintech accelerator

Our Bureau Hyderabad | Updated on November 26, 2019 Published on November 26, 2019

Tech startup incubator, T-Hub, and the National Payments Corporation of India (NPCI) have launched a fintech accelerator programme.

T-Hub will help NPCI tap innovative solutions from fintech start-ups, to improve efficiencies in services offered by its payments platform.

The maiden edition is supported by the Department of Science and Technology (DST).

Experts from NPCI will mentor the shortlisted fintechs. They will organise events with a focus on product development in the fintech domain.

An initiative of Reserve Bank of India and the Indian Banks' Association, NPCI provides a tech platform that helps people complete financial transactions.

Vishal Anand Kanvaty, Chief of Innovation at NPCI, said the shortlisted start-ups will get access to NPCI's retail payments APIs, for 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 on Tuesday.

The NPCI also launched the txnnxt hub, an innovation lab at T-Hub, which will give fintech start-ups access to technologies.

Fintech start-ups interested in joining the accelerator can apply from November 26. The last date for submitting applications is January 5, 2020.

Published on November 26, 2019
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