National Payments Corporation of India along with Government’s Department of Science and Technology and Hyderabad-based incubator T-Hub has launched an accelerator programme for fintech startups.
National Payments Corporation of India along with Government’s Department of Science and Technology and Hyderabad-based incubator T-Hub has launched an accelerator programme for fintech startups. The programme will focus on startups in the digital payments space and be carried out at T-Hub. The accelerator is inviting applications from startups till January 5, 2020. T-Hub will help NPCI select startups for the programme while experts from NPCI will host seminars, workshops, mentoring sessions, and community events for selected startups to train them on product development in the fintech space.
To boost innovation in the fintech space, NPCI had launched payments platforms such as UPI, IMPS, and RuPay apart from setting up ‘TxnNxt hub’ at T-Hub to enable startups leverage technology in digital payments. “The fintech space is expanding rapidly, and the digital payments segment in India is expected to reach $135.2 billion in 2023 from $64.8 billion this year. To fuel this growth, we will need more disruptive solutions for the sector and promote these innovations to corporates and banks,” said Ravi Narayan, CEO, T-Hub.
The selected startups will be able to collaborate with NPCI and have access to its retail payments APIs for product development apart from working with NPCI’s management. Startups would also get access to T-Hub’s network of mentors, investors, service providers etc. India’s fintech market is likely to grow to $31 billion in 2020, Niti Aayog CEO Amitabh Kant said earlier this year at an event adding that the fintech ecosystem is third-largest globally. According to a report earlier this year by fintech research firm Medici, India has 2,035 fintech startups with a majority in payments, lending and wealth-tech followed by personal finance management. The market is led by large fintech startups such as Paytm, PhonePe, MobiKwik, Ezetap, Razorpay, Mswipe etc. Digital Payments accounts for total transaction value of $64.7 billion in in 2019, according to statistics portal Statista.