AI-powered fintech platform jUMPP has received approval from the National Payments Corporation of India (NPCI) as a Third Party Application Provider (TPAP), allowing it to offer UPI services on its platform.
The development comes about a month after jUMPP secured approval from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance products.
Founded by Sarvjeet Singh Virk, jUMPP currently offers investment products such as digital gold, mutual funds, and SIPs. With the addition of UPI, users will be able to make peer-to-peer transfers, merchant payments, bill payments, and mobile recharges through the app.
The startup has partnered with YES Bank for banking and Bharat Bill Payment System (BBPS) services. It also uses the Account Aggregator framework to provide users with a consolidated view of their financial accounts.
The company is focused on users in Tier II and Tier III cities and has expanded its product suite with the addition of UPI services.
