IppoPay & Tamilnad Mercantile Bank to offer UPI-led digital payments

By Gloria Mathias

IppoPay, a FinTech player based in Chennai, has announced its partnership with Tamilnad Mercantile Bank (TMB) to provide UPI QR-based payment solutions to small businesses in South India’s underserved segments, particularly in Tamil Nadu.

As part of this partnership, Techfini’s UPI switch will be processing all UPI payments using the TMB handle. Techfini is a financial tech infrastructure company empowering FinTechs, banks, and businesses with UPI switching services. Techfini’s UPI switch has been certified by NPCI. It can process 10,000 transactions per second (TPS) and provides customisable solutions, eliminating technical declines, scalability issues, and downtime and enhancing the customer experience.

Mohan K., Founder of IppoPay, stated, “We are thrilled to collaborate with TMB. Both parties have a strong thesis alignment and razor-sharp focus on South India. TMB’s focus on providing banking solutions and IppoPay’s focus on providing digital transaction solutions would make this partnership a win-win. Tamil Nadu alone has over 1 crore MSMEs, of which over 75% are in Tier 2 cities and rural areas. IppoPay’s distribution combined with people’s trust in TMB’s 100+ years of bank experience will help us bring digital financial inclusion to a significant base of these merchants.”

“Partnering with IppoPay is perfectly in line with our vision to enhance digital payment solutions for our clients. We believe that this partnership would help us support small merchants in expanding their customer base and improving their payment processes, thereby driving growth,” said Ashok Kumar P R, General Manager of TMB.

As IppoPay continues to expand its presence in the FinTech landscape, this partnership with TMB represents a milestone in its mission to promote digital payments and financial inclusion among small businesses in South India.

By equipping local merchants in Tier 2 cities and rural areas with advanced payment technologies, IppoPay also aims to contribute to the broader goal of economic development in the region. The initiative seeks to ensure that even the smallest enterprises can thrive in an increasingly digital marketplace and stimulate overall economic growth by enabling greater participation in the digital economy.