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XPay.Life: First blockchain-enabled UPI service provider in India

As it approaches three years of operation, XPay.Life, which claims to be India’s first blockchain-enabled transaction framework, has launched its UPI services aimed at rural India. XPay.Life claimed it is collaborating closely with regional rural banks and district co-operative banks to assist them bank more efficiently and provide full financial inclusion for the rural population with minimal disturbance. XPay.Life is a fintech startup.

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KEY POINTS:

  • XPay.Life‘s goal is to make financial services available to people in rural areas who need them the most. XPay is expected to benefit from the debut of its UPI services. There are 4 million Life customers spread throughout 15 states and 1 lakh villages.
  • The fintech business stated it works on three models. Those three models are: (1) Software-as-a-Service (SaaS) which comprises their mobile app, (2) Platform-as-a-Service (PaaS) which comprises their website, and (3) Infrastructure-as-a-Service (IaaS) which corresponds to their mobile vans.
  • The company currently has about 100 active mobile vans for digital banking, with plans to expand to 200 in the near future.
  • XPay.Life seeks to digitise various financial offers and boost the Indian financial sector, particularly in rural India, with the help of its partners and technology, according to Karthik Kaladhar, chief sales officer.

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