Tech5 positions biometric platform for Indian payments market with NPCI challenge win
Tech5 has won a challenge giving the company an opportunity to gain a substantial foothold within India’s biometric retail payments and settlement systems, Chairman and Co-founder Rahul Parthe announced on LinkedIn.
Winning the NPCI (National Payments Corporation of India) PayAuth Challenge, run in association with APIX (the Application Programming Interface Exchange), positions Tech5 and its T5-IDencode platform to be used as a payment verification and authorization solution for use with the UPI (unified payments interface). This would enable secure, private, risk-based user verification and convenient transaction authorization from Tech5’s platform, according to the announcement.
The NPCI runs retail payments and settlement systems in India through the UPI and nine other payment products, and operates a network including more than 1,200 banks, 200 aggregators and apps, and a billion users.
The UPI was recently extended beyond banks to support payments from digital wallets.
Yinda Infocomm signs MOU for biometric solutions development
Tech5 investor Yinda Infocomm has reached an agreement with Vision Group equity arm TriVentures Capital to build biometric identity management solutions combined with blockchain, artificial intelligence and cybersecurity capabilities from Vision Group for business.
Vision Group provides technology to enterprises through an innovation-as-a-service approach, and has been involved in more than 60 pilots and projects, according to the announcement.
Under the partnership, the companies will represent each other’s technologies to their clients, jointly pursue clients, and collaborate on product and intellectual property development.
Yinda Infocomm increased its investment in Tech5 in May.