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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.

UPI transactions rise 4.4% in May to 18.68 Bn

EntrackrEntrackr · 1m ago
UPI transactions rise 4.4% in May to 18.68 Bn
Medial

UPI transactions rise 4.4% in May to 18.68 Bn According to data released by the National Payments Corporation of India (NPCI), the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. Unified Payments Interface (UPI) continued its upward trajectory in May 2025 with 18.68 billion transactions, a 4.4% month-on-month (MoM) increase from 17.89 billion in April. The transaction volume also reflects a 33% year-on-year (YoY) growth. According to data released by the NPCI, the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. This marks a 5% MoM jump, while on a YoY basis, the transaction value registered a 23% growth. The daily average transaction volume in May rose to 602 million, compared to 596 million in April. The daily average transaction value stood at Rs 81,106 crore, up from Rs 79,831 crore in the previous month. In March, UPI processed 18.30 billion transactions worth Rs 24.77 lakh crore, indicating that May’s performance has surpassed both the previous months in terms of volume and value. As of April, PhonePe continued to lead among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe held the largest share with 46.73% of all UPI transactions, processing 8.36 billion transactions. Google Pay came next with a 36% share, handling 6.48 billion transactions. Together, PhonePe and Google Pay accounted for almost 83% of the total UPI transaction volume. Recently, gold-saving app Jar also entered the consumer payments space with a UPI app in partnership with Unity Small Finance Bank as the Payment Service Provider. Entrackr exclusively reported the development on May 29.

PhonePe acquires GSPay IP from GupShup for UPI on feature phones

EntrackrEntrackr · 1m ago
PhonePe acquires GSPay IP from GupShup for UPI on feature phones
Medial

PhonePe acquires GSPay IP from GupShup for UPI on feature phones PhonePe has announced an IP purchase of conversational engagement platform Gupshup’s proprietary ‘GSPay’ technology stack for enabling UPI-based payments for feature phones. GSPay is a mobile application built on top of NPCI’s UPI payment solution for feature phones (UPI 123PAY). According to PhonePe, it plans to customize and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters. PhonePe aims to provide all basic UPI features such as P2P transfers, offline QR payments, and receiving of money from any other UPI customer to their mobile numbers or self-QRs seamlessly. This move aims to create full payment interoperability between feature phone and smartphone users and bring crores of Indians who still use feature phones into the Indian digital payments ecosystem. “This segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India’s burgeoning digital payments market,” said Sameer Nigam, co-founder & CEO of PhonePe. PhonePe’s portfolio of businesses includes the distribution of financial products (insurance, lending, and wealth) as well as new consumer tech businesses (Pincode and Indus AppStore). As per market research, India had approximately 24 crore feature phone users in 2024, and an additional approx 15 crore feature phone shipments are expected over the next five years. Launched in 2016, PhonePe has over 60 crore (600 million) registered users and a digital payments acceptance network spread across over 4 crore merchants. It also processes over 33 crore transactions daily with an Annualized Total Payment Value (TPV) of over Rs 150 lakh crore.

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