jUMPP, an AI-powered conversational fintech platform, has received approval from the National Payments Corporation of India (NPCI) to operate as a Third Party Application Provider (TPAP). This authorisation allows jUMPP to integrate Unified Payments Interface (UPI) capabilities directly into its application, enabling users to make peer-to-peer transfers, merchant payments, bill payments, and mobile recharges. The approval comes about a month after the platform secured a licence from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance products, signalling its transition into a full-stack financial super app.
What Is a TPAP and How the UPI Ecosystem Works
The Unified Payments Interface, developed by NPCI in 2016, is India’s real-time payment system that allows instant fund transfers between bank accounts using a mobile phone. UPI processed over 15 billion transactions in March 2026 alone, making it the backbone of India’s digital economy. The system operates through a three-tier structure involving NPCI, Payment Service Provider (PSP) banks, and Third Party Application Providers.
A TPAP is a non-bank entity that builds and operates UPI-compliant mobile applications for end users. It does not directly connect to the UPI platform. Instead, it partners with a PSP bank that handles the actual transaction processing and settlement. The TPAP manages the user interface, customer onboarding, KYC compliance, and dispute resolution, while the PSP bank provides the backend banking infrastructure. Popular examples of TPAPs include Google Pay, PhonePe, Amazon Pay, CRED, and now jUMPP.
To become an authorised TPAP, an entity must sign a tripartite agreement with NPCI and at least one PSP bank, meet strict technical and data security standards, undergo audits and sandbox testing, and comply with RBI’s data localisation norms. As of 2025, the UPI ecosystem had around 45 TPAPs, with new approvals slowing down after NPCI tightened due diligence following a system outage in April 2025.
jUMPP’s Journey from Wealth Management to a Financial Super App
Founded by Sarvjeet Singh Virk, jUMPP started as an AI-driven conversational finance platform focused on simplifying investing and wealth creation. The app originally offered wealth-building products such as Digital Gold, Mutual Funds, and Systematic Investment Plans (SIPs). What set jUMPP apart was its AI engine, built on four pillars: Cognitive AI to understand behavioural patterns, Predictive AI for budget recommendations, Conversational AI for natural language interactions, and Explainable AI for transparent financial guidance.
With the TPAP approval, jUMPP moves beyond investments into everyday banking. Users can now handle peer-to-peer transfers, pay utility bills, recharge mobile phones, and make merchant payments all within the same app where they manage their investments. This combination of daily transactions and long-term wealth creation under one roof is the core of the super app model that jUMPP is pursuing.
The platform’s recent IRDAI approval to distribute insurance products adds a third pillar to its offerings. Between payments, investments, and insurance, jUMPP is positioning itself as a single destination for managing a user’s entire financial life, from spending and saving to protecting and growing wealth.
Strategic Focus on Tier II and Tier III Cities
jUMPP is specifically targeting users in Tier II and Tier III cities, a strategic choice that sets it apart from many fintech players that concentrate on metropolitan markets. Major urban centres are already saturated with established digital payment giants such as Google Pay, PhonePe, and Paytm, which have deep integration with merchants and banks and control the vast majority of UPI transaction volume.
In smaller cities, however, a large segment of the population is still transitioning from cash to digital financial services. jUMPP’s AI-driven approach is designed to bridge this gap. The platform offers personalised budgeting advice, expense analysis, and financial guidance in vernacular languages (currently English and Hindi, with more regional languages planned). By combining UPI payments with investment and insurance products, the platform aims to cross-sell higher-value financial services to users who initially come for simple transactions like bill payments.
This model also addresses a key challenge facing newer entrants in the UPI space. While payments alone generate thin margins, the ability to convert payment users into customers for mutual funds, digital gold, insurance, and other fee-generating products creates a more sustainable revenue model.
Partnerships and Regulatory Milestones
To enable its UPI services, jUMPP has partnered with YES Bank as its Payment Service Provider (PSP) bank. YES Bank will handle the backend transaction processing, settlement, and compliance with NPCI’s UPI framework. The partnership also covers Bharat Bill Payment System (BBPS) services, allowing users to pay utility bills through the platform.
jUMPP also leverages the Account Aggregator (AA) framework, a RBI-backed data-sharing system that allows users to consolidate their financial accounts from multiple banks and institutions into a single view. The Account Aggregator framework, operationalised in September 2021, enables financial information users to share their data securely and with explicit consent, helping platforms like jUMPP offer personalised financial advice based on a complete picture of the user’s finances.
The company holds PCI DSS certification for data security and an NBFC licence from the RBI. On the insurance side, it holds a Corporate Agency licence and an Insurance Self-Network Platform (ISNP) licence from IRDAI. These multiple regulatory approvals reflect the platform’s ambition to operate across the full spectrum of financial services: payments, lending, investments, and insurance.
Key Takeaways
- jUMPP, an AI-powered fintech platform, received NPCI approval to operate as a Third Party Application Provider (TPAP) in June 2026, enabling UPI payments on its platform.
- A TPAP is a non-bank entity that offers UPI services to end users by partnering with a Payment Service Provider (PSP) bank, which handles transaction processing and settlement.
- jUMPP has partnered with YES Bank as its PSP bank and uses the Account Aggregator framework to provide users a consolidated view of their financial accounts.
- The platform previously secured IRDAI approval to distribute insurance products, marking its evolution into a full-stack financial super app.
- jUMPP was founded by Sarvjeet Singh Virk and focuses on users in Tier II and Tier III cities, offering investment products such as Digital Gold, Mutual Funds, and SIPs alongside UPI payments.
- The National Payments Corporation of India (NPCI), established in 2008 as a not-for-profit company under the Payment and Settlement Systems Act, 2007, owns and operates the UPI platform.
