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What is the story about?
PayNearby has received approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) on the Unified Payments Interface (UPI), allowing the company to offer UPI services directly through its own platform.
Following the approval, PayNearby has launched a new application, PayNearby Saathi, aimed at enabling assisted UPI onboarding and usage through its existing retail network, particularly in semi-urban and rural areas. The platform will be rolled out via PayNearby’s network of neighbourhood retailers and Digital Naaris, who support customers with digital financial services at the local level.
The Saathi app supports UPI payments and basic banking-linked services, including account onboarding, bill payments and money transfers. It also aggregates access to selected financial products such as fixed deposits, recurring deposits, gold, mutual funds and certain credit offerings, according to the company.
To address language and digital literacy barriers, the application is available in multiple Indian languages and includes voice-based navigation. It integrates Bhashini, the government-backed speech technology platform, enabling users to interact with the app through spoken commands in their preferred language. The app also features an in-app AI assistant designed to guide users through transactions and explain financial products.
UPI currently has more than 500 million active users, but industry estimates suggest that a significant portion of India’s adult population is still at an early stage of digital adoption, particularly outside major urban centres. Companies operating assisted or hybrid digital models have increasingly focused on this segment to expand digital payments and financial inclusion.
Commenting on the development, Anand Kumar Bajaj, Founder, Managing Director and CEO of PayNearby, said the TPAP approval would help the company extend UPI access through its distribution-led model and deepen digital adoption in underserved regions.
PayNearby said it plans to add additional services, including micro-insurance and lending products, to the Saathi platform over time.
Founded in 2016, 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.
Following the approval, PayNearby has launched a new application, PayNearby Saathi, aimed at enabling assisted UPI onboarding and usage through its existing retail network, particularly in semi-urban and rural areas. The platform will be rolled out via PayNearby’s network of neighbourhood retailers and Digital Naaris, who support customers with digital financial services at the local level.
The Saathi app supports UPI payments and basic banking-linked services, including account onboarding, bill payments and money transfers. It also aggregates access to selected financial products such as fixed deposits, recurring deposits, gold, mutual funds and certain credit offerings, according to the company.
To address language and digital literacy barriers, the application is available in multiple Indian languages and includes voice-based navigation. It integrates Bhashini, the government-backed speech technology platform, enabling users to interact with the app through spoken commands in their preferred language. The app also features an in-app AI assistant designed to guide users through transactions and explain financial products.
UPI currently has more than 500 million active users, but industry estimates suggest that a significant portion of India’s adult population is still at an early stage of digital adoption, particularly outside major urban centres. Companies operating assisted or hybrid digital models have increasingly focused on this segment to expand digital payments and financial inclusion.
Commenting on the development, Anand Kumar Bajaj, Founder, Managing Director and CEO of PayNearby, said the TPAP approval would help the company extend UPI access through its distribution-led model and deepen digital adoption in underserved regions.
PayNearby said it plans to add additional services, including micro-insurance and lending products, to the Saathi platform over time.
Founded in 2016, 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.
