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

• Life, is a Fintech startup, which claims to be India’s first blockchain-enabled transaction framework, has launched its UPI services aimed at rural India.
• 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.

KEY POINTS:

• Life‘s goal is to make financial services available to people in rural areas who need them the most. 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.
• Life seeks to digitise various financial offers and boost the Indian financial sector, particularly in rural India.