Listed fintech SaaS startup Zaggle has received approval from the National Payments Corporation of India (NPCI) to operate as a third party application provider (TPAP).
The move will now allow the startup to offer Unified Payments Interface (UPI) services directly through its platform, empowering over 3 Mn users across its digital ecosystem.
For the uninitiated, TPAP licence allows a company to offer UPI services to users via a payment system provider (PSP) bank.
The licence will also let Zaggle offer a comprehensive financial suite, including payments, expense management, tax-saving tools and value-added financial services within a single interface, the company said in a statement.
“Securing the TPAP approval marks a significant milestone in our journey to build India’s most comprehensive and seamless FinTech ecosystem. From instant expense reimbursements and streamlined insurance payments to recurring SIP mandates and much more, UPI integration will redefine the user experience across every financial interaction,” said Zaggle founder Raj P. Narayanam.
The platform’s users will be able to access UPI payments integrated with Zaggle’s multi- wallet prepaid cards, including meal and fuel cards, enabling quick, on-the-go transactions.
It will further offer embedded financial services such as credit lines on UPI, personal loans and fixed deposits to mutual fund investments, BBPS utility bill payments, and OPD healthcare wallets through UPI rails.
(The story will be updated soon)
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