Definition
UPI app that is not a bank – A company such as PhonePe, Google Pay or Paytm that offers a UPI» app to consumers but is not itself a bank. It cannot send money on UPI on its own; it has to route payments through a sponsor bank (a PSP bank») and follows NPCI» rules, including the proposed cap on how much of all UPI volume one TPAP may carry. Found In: Risk factors, business description