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PayNearby receives NPCI approval to operate as a UPI TPAP, launches PayNearby Saathi for rural India

IndianStartupNews

IndianStartupNews · 6m ago

PayNearby receives NPCI approval to operate as a UPI TPAP, launches PayNearby Saathi for rural India

Fintech startup PayNearby received approval from NPCI to operate as a Third-Party Application Provider on UPI, enabling direct UPI services through its platform. The company launched PayNearby Saathi, focusing on assisted UPI onboarding, targeting semi-urban and rural markets with its retail network. The app supports UPI payments, core banking services, and aggregates financial products. It features multilingual, voice-based navigation using AI to aid digital literacy. PayNearby aims to address accessibility in underdeveloped areas.

Related News

Paytm receives approval from NPCI to onboard new UPI users

Economic Times

Economic Times · 1y ago

Paytm receives approval from NPCI to onboard new UPI users

Paytm's parent company, One 97 Communications, has received approval from the National Payments Corporation of India (NPCI) to onboard new users onto its UPI platform. However, this approval is subject to Paytm adhering to all NPCI guidelines and circulars regarding risk management, brand guidelines, multi-bank regulations, TPAP market share, and customer data. The approval signifies a positive step forward for Paytm in expanding its user base and offering digital payment services.

NPCI grants TPAP approval to Viyona Fintech - The Economic Times

Economic Times

Economic Times · 9m ago

NPCI grants TPAP approval to Viyona Fintech - The Economic Times

Viyona Fintech has received approval from the National Payments Corporation of India (NPCI) to operate as a third-party application provider (TPAP), allowing it to offer Unified Payments Interface (UPI) services in partnership with banks. This development aims to bolster India's digital payments ecosystem. Viyona’s product, GraamPay, facilitates digital transactions for farmers, small merchants, and communities. Additionally, Viyona plans to launch a marketplace within GraamPay to enhance farmers' access to fair pricing and the UPI system.

Rediff.com India receives TPAP licence from NPCI

Entrackr

Entrackr · 5m ago

Rediff.com India receives TPAP licence from NPCI

Rediff.com India receives TPAP licence from NPCI Rediff.com India announced that it has received final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) licence, paving the way for the rollout of its digital payments platform, RediffPay. With this approval, the company has commenced Closed User Group (CUG) testing, an essential step before entering the Unified Payments Interface (UPI) ecosystem. It is also preparing to launch what it claims will be India’s first UPI app built around a financial-wellness, customer-centric proposition, designed to encourage saving, investing, and responsible access to credit. According to the company’s press release, the CUG testing marks its entry into the UPI ecosystem. “It enables us to extend secure, interoperable UPI services through RediffPay and advances our mission to broaden financial inclusion while delivering simple, intuitive digital payment experiences for users across India,” the release said. RediffPay aims to combine traditional UPI features with a broader financial-wellness, customer-centric offering. Beyond standard bill payments, mobile recharges, and cross-app UPI interoperability, the app will promote better financial habits through curated savings and investment products such as equities, mutual funds (MFs), fixed deposits (FDs), recurring deposits (RDs), and similar products, along with pathways to quick credit. The RediffPay platform will also support Credit Line on UPI, expanding access to formal credit, particularly in Tier-2, Tier-3, and smaller towns and cities. The company plans to onboard small, micro, mid-sized, and large merchants across India by offering RediffPay UPI QR-code-enabled point-of-sale (POS) solutions, integrating merchant credit demand into its UPI ecosystem. Rediff.com India is a subsidiary of Infibeam Avenues, which acquired a controlling stake in Rediff in 2024 and has since increased its holding to 82%. The company aims to serve its existing base of 60 million unique Rediff visitors and email users. It will offer localised email services compliant with the DPDP Act and provide multilingual UPI services to reach the next 250 million users in India.

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Economic Times

Economic Times · 2y ago

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Shares of One97 Communications, the parent company of Paytm, rose by 5% after receiving approval from the National Payments Corporation of India (NPCI) to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP). Axis, HDFC, SBI, and YES Bank will be the payment service provider banks, with YES Bank also acting as the merchant acquiring bank. This approval paves the way for Paytm to operate as a payment service provider and deepen its engagement with banks. The approval also removes regulatory challenges and allows for a smooth transition of customers and merchants.

Paytm gets NPCI approval to become a third-party UPI app

Inshorts · 2y ago

Paytm gets NPCI approval to become a third-party UPI app

National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL), Paytm's parent entity, to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL.

Paytm gets NPCI nod to become a third-party UPI app

Money Control

Money Control · 2y ago

Paytm gets NPCI nod to become a third-party UPI app

The National Payments Corporation of India (NPCI) has granted approval to Paytm to continue offering Unified Payments Interface (UPI) services as a Third-Party Application Provider (TPAP) under a new multi-bank model. Paytm will partner with four banks - Axis Bank, HDFC Bank, State Bank of India, and Yes Bank - to provide payment services through UPI. Yes Bank will also act as the merchant acquiring bank for Paytm's UPI merchants. Paytm has been instructed to complete the migration of existing handles and mandates to the new banks at the earliest.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 2y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Inc42 · 2y ago

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Paytm is expected to receive the third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) by March 15. The TPAP license would allow Paytm to continue offering Unified Payments Interface (UPI) services to its app users. The approval is expected before the Reserve Bank of India's restrictions on Paytm Payments Bank take effect on the same date. Paytm applied for the TPAP license in partnership with Axis Bank and Yes Bank. Shares of Paytm have dropped over 50% following the RBI's action on Paytm Payments Bank.

Curie Money receives NPCI approval, goes live across India

Entrackr

Entrackr · 8m ago

Curie Money receives NPCI approval, goes live across India

Curie Money receives NPCI approval, goes live across India Curie Money, a fintech platform focused on savings and payments, has received final approval from the National Payments Corporation of India (NPCI) to expand its services nationwide. With this approval, Curie has exited its beta phase and is now live for all users on Android and iOS. Curie previously raised $1.2 million (Rs 10 crore) in seed funding in December 2024, led by India Quotient with participation from other investors. Founded by Arindam Ghosh and Tushar Choudhary, Curie Money operates as a mutual fund–backed UPI app that enables users to invest, spend, and manage money seamlessly. It holds an AMFI mutual fund distribution license and NPCI approval for UPI operations. It allows users to grow their money in liquid mutual funds while maintaining instant access through UPI payments. The platform combines investment and payments, enabling users to earn daily returns and spend instantly from the same balance. The product operates through partnerships with YES Bank and asset management companies including ICICI Prudential and Bajaj Finserv. It complies with mutual fund and payment regulations to ensure secure transactions. Users earn returns of up to 6.7% annually through liquid mutual funds, with every UPI payment processed by instantly redeeming the required amount. The model aims to replicate money market systems used in developed economies by linking liquidity and returns in a single product.

Infibeam’s Rediff.com secures NPCI license to offer UPI services

Entrackr

Entrackr · 1y ago

Infibeam’s Rediff.com secures NPCI license to offer UPI services

Infibeam’s Rediff.com secures NPCI license to offer UPI services Infibeam Avenues announced that its subsidiary, Rediff.com, has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. According to the company, NPCI's official communication confirmed the approval, with Axis Bank serving as the Payment System Provider (PSP). This license enables RediffPay to offer Unified Payments Interface (UPI) services to its users, marking Infibeam Avenues' strategic entry into the consumer-facing digital payments sector. The company had previously applied for the TPAP license following its acquisition of a controlling stake in Rediff in 2024. In August 2024, Infibeam Avenues acquired a 54% stake in Rediff.com India to relaunch Rediff.com as a consumer-facing digital financial services aggregator. “We are thrilled that our subsidiary has received the TPAP license from NPCI, allowing us to extend UPI services through RediffPay. This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India,” said Vishal Mehta, Chairman and MD of Infibeam Avenues. RediffPay aims to leverage Rediff's substantial web traffic and Infibeam's fintech expertise to provide a user-friendly platform for secure and efficient digital transactions. The company plans to introduce a range of financial services, including credit and wealth management products, to cater to the diverse needs of its users. This development follows Infibeam Avenues' recent achievements, including receiving final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue. Infibeam’s revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24. The company’s profit after tax rose 50% to Rs 64.4 crore during the period.

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