Hyderabad-based startup incubator T-Hub has launched a fintech accelerator programme for startups in the digital payments space.
The incubator has partnered with DST (department of science and technology) and NPCI (national payments corporation of India) for this first edition of the programme. It has also set up NPCI’s txnnxt hub at its premises to help startups access the latest solutions in digital payments, a statement said.
DST will present the three-month programme as part of its national initiative for developing and harnessing innovations (NIDHI) acceleration scheme.
The registration for the fintech accelerator programme has already started and will close on January 5, 2020. The list of shortlisted startups will be announced on January 19, 2020. The selected startups will get the opportunity to pitch their ideas on January 31, 2020. The programme will begin on February 17, 2020, and go on till April 16, 2020.
NPCI’s national-level payments platforms such as Unified Payment, Immediate Payment Service, and RuPay have changed the way Indian consumers make payments. T-Hub will help NPCI source innovative solutions that can make national-level payments platforms more efficient.
“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 of T-Hub.
The selected startups will get to collaborate with NPCI and have access to its retail payments APIs (Application programming interface) for product development.
Last month, T-Hub announced the launch of a programme called Trestle, which aims to provide growth opportunities to early-stage startups.