➤Jar enters UPI payments ecosystem as a Third-Party App Provider (TPAP) in partnership with BharatPe and Unity Small Finance Bank.
➤With UPI handle @jarunity, Jar enables seamless payments while expanding its fintech offerings beyond digital gold investments.
➤Jar’s UPI launch marks BharatPe’s debut as a UPI Technology Service Provider (TSP), reinforcing India’s growing digital finance landscape.
Jar, one of the top fintech startups in India has entered UPI Third-Party Application Provider (TPAP) services, in partnership with BharatPe as the Technology Service Provider (TSP) and Unity Small Finance Bank as the Payment Service Provider (PSP).
Jar will use UPI handle @jarunity, as mentioned on the National Payments Corporation of India (NPCI) website.
This partnership represents BharatPe's first entry as a UPI TSP, following another startup, Juspay and Mindgate.
Jar's integration into BharatPe's TSP platform allows seamless UPI payments to be processed and Unity Small Finance Bank manages the banking transactions involved.
Jar allows users to invest in digital gold and users on the platform can redeem their digital gold to physical gold anytime in the form of coins or jewelry through the company's partners.
Jar has raised over $60 million to date and has a valuation of around $325 million. The co-founders, Nischay Babu AG and Misbah Ashraf each own a combined 44.96 percent ownership of the company.
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Jar’s revenue from operations increased 5.6 times to Rs. 49 crore in FY24 compared to Rs 8.7 crore in FY23. Its total expenses increased by 16.26 percent to Rs. 60.38 crore, during FY24. Jar has not filed its annual filing for FY25, but according to the company's CEO it has become profitable although specific details were omitted. In an earlier social media update, he previously stated that Jar’s annualised revenue run rate (ARR) jumped from Rs. 23 crore in December 2023 to 270 crore in December 2024.
Jar would join fellow enterprise UPI-based payment options by entering the consumer payments sector, alongside BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money, in January, 2024.
