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Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

EntrackrEntrackr · 1m ago
Exclusive: Jar enters UPI payments through BharatPe and Unity Bank
Medial

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank Jar’s integration with BharatPe’s TSP platform enables smooth UPI payment processing, while Unity Small Finance Bank facilitates the banking operations required for these transactions. Jar has entered the UPI Third-Party Application Provider (TPAP) services in collaboration with BharatPe as the Technology Service Provider (TSP) and Unity Small Finance Bank as the Payment Service Provider (PSP). According to the National Payments Corporation of India (NPCI) website, Jar will use the UPI handle @jarunity. Jar allows users to invest in digital gold and investors on the platform can convert their digital gold to physical gold anytime in the form of coins or jewelry with the help of the company’s partners. According to the startup intelligence platform TheKredible, Jar has raised over $60 million to date, with a valuation of approximately $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively hold a 44.96% ownership stake in the company. Jar’s revenue from operations jumped 5.6 fold to Rs 49 crore in FY24 from Rs 8.7 crore in FY23. During FY24, its total expenditure grew 16.26% to Rs 60.38 crore. Jar has not yet filed its annual report for FY25, but according to its CEO, the company has achieved profitability—though exact figures were not disclosed. In an earlier social media update, he shared that Jar’s annualised revenue run rate (ARR) surged from Rs 23 crore in December 2023 to Rs 270 crore by December 2024. Jar will join the likes of BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money, all of which have entered the consumer payments space via UPI since January 2024.

NPCI International signs MoU with Greek bank to take UPI to Europe

Economic TimesEconomic Times · 1y ago
NPCI International signs MoU with Greek bank to take UPI to Europe
Medial

NPCI International Payments (NIPL) has signed a memorandum of understanding with Eurobank, a Greek bank, to process foreign inward remittance from Greece through UPI (Unified Payments Interface). This partnership positions Greece as one of the first European countries to enable seamless remittances to India using UPI rails. The agreement includes fund settlement, reconciliation, and dispute resolution in their respective jurisdictions. This initiative strengthens economic ties between India and Greece through increased remittance flows. Previously, UPI was launched in France, allowing Indian tourists to purchase Eiffel Tower tickets using UPI payments. NPCI has established relationships with several countries, resulting in the acceptance of UPI and RuPay as payment methods.

UPI records 6.6% dip in November, maintains 38% YoY growth

EntrackrEntrackr · 7m ago
UPI records 6.6% dip in November, maintains 38% YoY growth
Medial

Unified Payments Interface (UPI) processed 15.48 billion transactions worth Rs 21.55 lakh crore in November. This reflects a 6.6% decline in transaction count and an 8.3% decline in transaction value compared to October 2024, which recorded 16.58 billion transactions worth Rs 23.50 lakh crore. The digital payment platform recorded a 10% surge in volume in October compared to September’s 15.04 billion transactions. However, UPI saw year-on-year (YoY) growth of 38% in transaction count and 24% in transaction amount last month, while the daily averages stood at 516 million transactions, amounting to Rs 71,840 crore. In October, PhonePe’s market share saw a minor drop to 47.66% from 48% in September. Google Pay and Paytm’s market shares by volume remained unchanged. For the first time, Navi surpassed CRED to become the fourth-largest player in UPI by volume. The market share data for November has yet to be released. UPI has expanded its reach beyond India, now offering services in countries such as Sri Lanka, Mauritius, France, the UAE, Singapore, Bhutan, and Nepal. According to media reports, the National Payments Corporation of India’s international arm (NIPL) has engaged in discussions with at least 20 countries across Africa and South America to assist in developing systems similar to UPI. In recent months, NPCI has introduced significant changes to UPI transaction limits. The upper limit for specific types of UPI payments has been raised to Rs 5 lakh, while the caps for UPI Lite Wallet and UPI 123Pay have also been increased. These changes aim to drive greater adoption of digital payments, aligning with the Indian government’s ambitious vision of achieving 1 billion daily transactions by 2026-27.

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