PayNearby secures NPCI licence, unveils Saathi UPI platform

By Vriti Gothi

PayNearby has received Third-Party Application Provider (TPAP) approval from the National Payments Corporation of India (NPCI), enabling the company to directly participate in the Unified Payments Interface (UPI) ecosystem. Alongside the approval, the FinTech has launched PayNearby Saathi, an assisted digital payments and financial services platform aimed at expanding UPI access among first-time and underserved users across semi-urban and rural India.

The TPAP licence positions PayNearby to move beyond enablement and distribution into direct UPI application ownership, a strategic shift as the sector increasingly focuses on deepening usage rather than only driving transaction volumes. While UPI has crossed 500 million active users, a significant portion of India’s adult population is still at an early stage of digital adoption, particularly outside metropolitan centres.

PayNearby Saathi is designed to address this gap by combining assisted onboarding with localised digital access. The app enables UPI-linked savings accounts, payments, bill pay, and a range of financial products including fixed and recurring deposits, gold and mutual fund investments, and credit offerings such as personal, gold and business loans, and credit cards. The platform is available in multiple Indian languages and is distributed through PayNearby’s network of over 15 lakh retail partners and Digital Naaris.

A key feature of the app is its in-built AI guide, intended to support users who are unfamiliar or uncomfortable with digital financial tools. The platform also integrates Bhashini, the Government of India’s AI-based speech technology, allowing users to interact through voice in their preferred language, lowering barriers related to literacy and digital confidence.

“UPI has gone global and reflects the strength of India’s digital payment ecosystem. Yet, for millions in India this digital revolution is still waiting to unfold fully,” said Anand Kumar Bajaj, Founder, MD and CEO of PayNearby. “Our Distribution-as-a-Service model addresses accessibility challenges, especially in semi-urban and rural areas. With PayNearby Saathi, we have simplified and localised technology and brought it to trusted neighbourhood stores. The TPAP recognition further strengthens our commitment to connecting Bharat to India’s digital financial ecosystem.”