The National Payments Corporation of India (NPCI) made a series of significant announcements during the Global Fintech Fest 2023, launching new products and forging strategic partnerships across the fintech landscape.
One notable initiative is the collaboration between NPCI and the Indian Highway Management Company Limited (IHMCL) to introduce electric vehicle (EV) charging payments within the National Electronic Toll Collection (NETC) FASTag platform. This innovative move allows EV owners to access charging facilities in a manner similar to contactless toll payments on highways.
The integration promises the benefits of contactless transactions, real-time monitoring, and secure payments, enhancing the overall experience for EV users.
NPCI also unveiled several new products in collaboration with fintech startups during the three-day event:
- OTG Ring: In partnership with fintech startup LivQuik, NPCI launched a contactless payment wearable ring called the ‘OTG Ring.’ Designed and manufactured in India, this ring enables users to make payments to any Near Field Communication (NFC)-based device, aiming to replace plastic cards for various open-loop transit programs.
- Prepaid Gift Card: In association with the state-backed payments network RuPay, NPCI introduced a prepaid gift card for users.
- Personalized Prepaid Card: In collaboration with Pepper Money and PineLabs, NPCI launched a personalized prepaid card.
- Gen Z-focused Prepaid Card: NPCI unveiled another prepaid card created in partnership with FamX, catering primarily to Gen Z users.
Furthermore, NPCI partnered with forex services company Thomas Cook India to introduce the country’s first RuPay prepaid forex card, known as the Thomas Cook RuPay Card. Developed in collaboration with homegrown fintech startup CARD91, this pilot offering will gradually expand its global reach.
NPCI also presented its co-creation framework, fostering collaboration among various stakeholders within the digital payments ecosystem. This framework aims to drive innovation and creativity to new heights by facilitating structured and dynamic partnerships.
Expanding the capabilities of its unified payments interface (UPI) network, NPCI showcased peer-to-peer money transfers on Amazon Alexa through voice commands. Users can soon ask Alexa to transfer money to their contacts, streamlining the digital payment process.
Another notable addition to the UPI network is the UPI-ATM, offering interoperable UPI QR-based cash withdrawals. Participating bank account holders can withdraw cash from UPI-enabled ATMs using their UPI app.
NPCI International Payments Limited (NPIL) also revealed its collaboration with cross-border payments solutions provider Paymentwall to enable Indian consumers to use UPI for ecommerce purchases in the US and the UK, expanding the acceptance of the payments platform overseas.
Additionally, NPCI launched ‘UPI AutoPay on QR,’ a feature that allows users to activate recurring payments by simply scanning a QR code.
These initiatives are part of NPCI’s efforts to achieve 10,000 crore monthly transactions and extend digital payments to every corner of the country. With UPI reaching the milestone of 1,000 crore monthly transactions in August 2023, the payments network’s scaling-up efforts are closely watched in the evolving digital payment landscape.
 made a series of significant announcements during the Global Fintech Fest 2023, launching new products and forging strategic partnerships across the fintech landscape.){kind=link}