National Payments Corporation of India (NPCI) approves PayNearby as Third-Party Application Provider (TPAP) on UPI.

Key facts

• PayNearby receives NPCI approval to operate as a Third-Party Application Provider (TPAP) on the Unified Payments Interface (UPI).
• PayNearby launches PayNearby Saathi app for assisted UPI onboarding via retailers and Digital Naaris, targeting financial inclusion in semi-urban and rural India.
• The Saathi app supports UPI payments, account onboarding, bill payments, money transfers, and aggregates access to financial products like fixed deposits, recurring deposits, gold, mutual funds, and credit offerings.
• The application is available in multiple Indian languages, integrates Bhashini for voice-based navigation, and includes an in-app AI assistant to guide users through transactions and explain financial products.
• PayNearby operates a branchless banking and digital services network based on a B2B2C model, partnering with local retail stores to deliver financial and payment services.
• The company currently works with over 12 lakh retail partners across more than 20,000 PIN codes, facilitating assisted digital transactions for customers in both urban and non-urban areas.