Ippopay Partners With Tamilnad Mercantile Bank
The partnership is aimed at offering UPI-based digital payments to merchants in tier 2 cities and rural areas
IppoPay, a leading fintech player based in Chennai, declared its partnership with Tamilnad Mercantile Bank (TMB) to provide unified payment interface quick response (UPI QR) based payment solutions to small businesses in the underserved segments of South India, particularly in Tamil Nadu.
As part of this partnership, Techfini's UPI switch will be processing all UPI payments using 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.
Mohan K, Founder, IppoPay, commented on the partnership, and said, “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 per cent are in Tier 2 cities and rural areas. IppoPay’s distribution combined with people’s trust in TMB’s 100 plus years bank experience will help us bring digital financial inclusion to a significant base of these merchants.”
By equipping local merchants in Tier 2 cities and rural areas with advanced payment technologies, IppoPay aims to contribute to the broader goal of economic development in the region. The initiative not only seeks to ensure that even the smallest enterprises can thrive in an increasingly digital marketplace but also aims to stimulate overall economic growth by enabling greater participation in the digital economy.
