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Phi Commerce Receives NPCI Approval for UPI Switch to Support Enterprise Transactions.

Banking & Finance | Dated: 10 Dec 2024

Pune (Maharashtra)-based Phi Commerce, a digital payments fintech, has received approval from the National Payments Corporation of India (NPCI) to offer Unified Payment Interface (UPI) Switch services to its enterprise customers, enabling them to handle high transaction volumes efficiently.

🎯 Key Highlights:

  • - The UPI Switch allows Phi Commerce to onboard enterprise customers instantly, reducing the traditional customer induction process. This leads to faster product and service launches for enterprises.
  • - Phi Commerce recently launched CollectiPhi-360, a platform designed to cater to the needs of lenders across various industries, covering co-lending, term loans, Buy Now Pay Later (BNPL), and supply chain financing.

💡 Other Important Facts:

  • (i) UPI Switch is a product that facilitates communication between core banking systems and UPI systems managed by NPCI to process UPI transactions.
  • (ii) When a user initiates a UPI transaction, the UPI Switch communicates with the bank to ensure that the funds debited from the sender's account are seamlessly credited to the receiver’s account.
  • (iii) Earlier, Razorpay launched UPI Switch in partnership with Airtel Payments Bank. Additionally, NPST has its own UPI Switch, while Cashfree Payments recently launched its UPI Switch in partnership with National Securities Depository Limited Payments Bank.

📚 Test Your Knowledge:

Recently, which company received approval from NPCI to offer UPI Switch services for enterprise customers?

Correct Answer: Phi Commerce

🚀 Quick Recap: