Viyona Fintech Gains NPCI Approval to Expand Digital Payment Solutions
Viyona Fintech, a digital payment platform renowned for its innovative digital coaching services in Hyderabad, has successfully secured approval from the National Payments Corporation of India (NPCI). This important milestone positions Viyona Fintech as a third-party candidate supplier (TPAP) and paves the way for its ambitious plans in the digital payments landscape.
Accelerating Unified Payment Interface Services
The recent approval is set to accelerate Viyona’s plans to deliver Unified Payment Interface (UPI) services, collaborating closely with partner banks. This strategic move aims to broaden the access to digital payments in tier II and III cities, along with underserved rural areas throughout India. The startup, which is behind the Graampay and Viyona Pay App, announced this development in a press release on September 8.
Empowering Farmers through Technology
Part of Viyona’s expansion strategy includes the upcoming launch of a producer market on the Graampay platform. This innovative feature is designed to directly connect farmers with potential buyers, thereby enhancing price transparency and expediting transactions. With the integration of UPI-based payment solutions, Viyona aims to simplify the commerce experience for agricultural producers.
Transforming Rural Markets
Ravindranath Yarlagadda, the founder of Viyona Fintech, expressed optimism about the NPCI approval. “This reflects NPCI’s confidence in our fintech initiatives to make UPI payments more accessible to farmers, traders, and households,” he stated. Viyona’s Graampay platform is not just about transactions; it is committed to empowering farmers, small merchants, and local communities by facilitating digital collections and payments.
Supporting Rural E-Commerce
The startup’s initiatives also extend to promoting rural e-commerce, making it easier for small businesses and local farmers to engage in digital trade. By fostering a network of village-level entrepreneurs (VLEs), Viyona aims to enhance financial literacy and further stimulate economic growth in rural areas.
Venues for Financial Inclusion
Viyona Fintech’s approach includes addressing the financial needs of people in rural and semi-urban areas, offering them the tools and channels necessary for smooth transactions. By focusing on these underserved markets, Viyona is poised to create a significant impact on financial inclusion across India.
Looking Ahead
As Viyona Fintech gears up to implement its expansion plans, the company’s commitment to enhancing digital payment solutions remains unwavering. The approval from NPCI is not just a regulatory milestone but also a testament to the startup’s potential to revolutionize the financial landscape for farmers and small businesses in India.