Tamilnad Mercantile Bank Partners with Rugr FinTech and Fin Meadows

Tamilnad Mercantile Bank Limited (TMB) has entered into strategic partnerships with Rugr FinTech Private Limited and Fin Meadows Technologies Private Limited to enhance its UPI infrastructure. The collaboration with Rugr FinTech involves TMB acting as a referral partner to source RBI-licensed Payment Aggregators for UPI merchant collections. This initiative utilizes TMB’s Hosted UPI Switch, TechFini, procured from Fin Meadows Technologies, to provide a secure and compliant UPI acquiring infrastructure.

The financial terms of these partnerships have not been disclosed in the filing. However, the collaborations are expected to facilitate UPI transactions through TMB’s platform, ensuring compliance with regulatory guidelines. The partnerships aim to strengthen TMB’s digital payment ecosystem by enabling regulated Payment Aggregators and Gateways to route UPI transactions effectively.

The scope of the partnership with Rugr FinTech includes leveraging TMB’s Hosted UPI Switch to deliver a secure and scalable UPI acquiring infrastructure. This infrastructure is designed to support high transaction success rates and compliance with regulatory standards. The partnership with Fin Meadows focuses on providing faster, secure, and scalable UPI solutions for payment aggregators, NBFCs, merchants, and fintech partners. It also extends UPI use cases to lending and collections through TechFini’s UPI Autopay solution, allowing NBFCs and digital lenders to automate EMI and loan repayments directly from customers’ linked bank accounts.

The market context for these partnerships is the growing demand for digital payment solutions in India. TMB’s initiatives aim to enhance its UPI capabilities and expand its digital payment ecosystem. The partnerships with Rugr FinTech and Fin Meadows are part of TMB’s strategy to provide seamless and secure payment solutions to merchants and aggregators across India.

The implementation timeline and specific milestones for these partnerships have not been detailed in the filing. However, the partnerships are expected to be operational as part of TMB’s ongoing efforts to enhance its digital payment infrastructure. The involved entities include TMB, Rugr FinTech, and Fin Meadows Technologies, each playing a critical role in the development and deployment of the UPI solutions.

Rugr FinTech is a Bangalore-based fintech company specializing in UPI acquiring services for Payment Aggregators and Gateways. The company partners with leading banks and fintechs to deliver high-performance digital payment solutions. Rugr FinTech’s collaboration with TMB focuses on enabling RBI-authorized Payment Aggregators with reliable UPI acquiring capabilities.

Tamilnad Mercantile Bank Limited (TMB) is one of India’s renowned Old Private Sector Banks with a history of over 100 years. Headquartered in Thoothukudi, Tamil Nadu, TMB has a Pan India presence with 601 branches and 12 Regional Offices across 17 states and 4 Union Territories. The bank serves more than 5.30 million customers and is focused on strengthening its digital payment ecosystem through strategic partnerships and technological advancements.