PayNearby gets UPI TPAP licence from NPCI
23 Dec 2025, 06:17 PMThis will enable the company to roll out its new Saathi platform aimed at bringing digital payment services to underserved communities across the country.
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PayNearby has received approval from National Payments Corporation to operate as a third-party application provider.
This will enable the company to roll out its new Saathi platform aimed at bringing digital payment services to underserved communities across the country.
While UPI boasts over 500 million users, many citizens in smaller towns and villages remain outside the digital financial system. PayNearby said it plans to bridge this divide through its network of 1.5 million retail partners who will help onboard new users in person.
The Saathi app supports multiple regional languages and includes voice-based guidance through Bhashini, the government's speech recognition technology. An AI assistant walks users through various financial tasks, from basic payments to more complex services like mutual fund investments.
Apart from enabling UPI payments, Saathi functions as a comprehensive financial hub where users can open bank accounts linked to UPI, invest in fixed deposits and gold, access different loan products, and manage insurance needs.
PayNearby founder Anand Kumar Bajaj said the company's distribution model leverages trusted neighbourhood stores to introduce technology to people who might otherwise find it intimidating. This assisted approach, combined with multilingual support, aims to accelerate financial inclusion in areas where traditional banking infrastructure remains limited.
The company claims that it serves over 50 million customers across 20,000 postal codes, processing approximately 250 million transactions annually. The new UPI TPAP license positions the company to significantly expand these numbers while adding more services to its platform over time.
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