Fintech startup PayNearby has received a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) to offer UPI payments services.
In a statement, the startup said that it has launched PayNearby Saathi app to onboard users on UPI via its retail network, which it claims to be upwards of 15 Lakh in strength. Apart from UPI payments, PayNearby will also offer its customers services like opening UPI-linked bank accounts, making and receiving payments, paying bills, and more.
The fintech startup plans to add new services like micro-insurance, lending, and credit to the app in the future. It added that the app is integrated with an AI assistant and voice assistance in multiple Indian languages for ease of use.
Currently, PayNearby offers digital financial services through a distribution-as-a-service (DaaS) model to local and neighbourhood retail shop owners. These merchants further offer these services, including cash withdrawal, remittance, bill payments, deposits, and insurance, to the local communities.
The fintech startup also enables women in small towns and rural villages to become financially independent through its ‘Digital Naari’ programme, launched in 2024. These women act as facilitators of financial services for their local communities and earn a commission on each transaction. PayNearby claims to have onboarded 1.5 Lakh women for the programme, who aid in transacting INR 10K Cr annually.
Founded in 2016 by Anand Kumar Bajaj, Yashwant Lodha and Subhash Kumar, PayNearby is preparing for its IPO in FY27. CEO and MD Bajaj said in August that the startup was in talks to finalise a merchant banker for its public issue.
On the financial front, PayNearby’s revenue from operations slipped 4% to INR 355 Cr in FY24 from INR 368 Cr in the previous fiscal year. Net profit declined 25% to INR 1.5 Cr during the period under review from INR 2 Cr in FY23.
The development comes at a time when UPI has become the primary medium for digital transactions in the country and continues to see an uptick in transactions. The number of UPI transactions stood at 20.47 Bn in November and their value was at INR 26.32 Lakh Cr.
The post PayNearby Gets TPAP Licence To Offer UPI Payments appeared first on Inc42 Media.
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