PayNearby Gets NPCI TPAP Licence and Launches Saathi App
Why in the news
Fintech company PayNearby obtained a TPAP licence from the National Payments Corporation of India (NPCI) and soon after rolled out its Saathi app.
Key facts
- Licence: Third-Party Application Provider (TPAP) from NPCI.
- New product: PayNearby Saathi App.
- A TPAP is a non-bank entity allowed to offer UPI-based payments and run payment apps under NPCI’s framework.
Saathi app features
| Segment | Offerings |
|---|---|
| UPI and banking | UPI-enabled savings accounts, digital payments |
| Investments | FD, RD, gold, mutual funds |
| Credit | Personal, gold and business loans; credit cards |
About NPCI
- Founded in 2008; headquarters in Mumbai, Maharashtra.
- MD and CEO: Dilip Asbe.
- Umbrella body for UPI, RuPay, IMPS and FASTag.
Exam angle
- TPAP full form: Third-Party Application Provider.
- NPCI: founded 2008, Mumbai, Dilip Asbe.