PayU and Mindgate roll out UPI NXT Stack to boost real-time payments

Fintech platform PayU has launched UPI NXT Stack, marking its entry into the country’s fast-growing real-time payments space. 

The launch follows PayU’s recent acquisition of a majority stake in Mindgate Solutions, a leading provider of real-time payments technology. Last month, PayU, the payments and fintech arm of Prosus, increased its stake in Mindgate to 70% and became the company’s majority shareholder. 

The UPI NXT Stack includes two new products UPI NXT and TPAP NXT designed to make digital payments faster, more reliable, and easier for merchants. 

UPI NXT aims to solve issues such as payment failures, delayed refunds, and complex integrations. It offers high-speed transactions, instant refunds, and a faster onboarding system for merchants. 

TPAP NXT enables businesses to integrate full-scale UPI payment features with customizable APIs and SDKs. It supports key UPI functions like virtual payment address creation, peer-to-peer transfers, merchant payments, Autopay, and one-time mandates.

PayU has also partnered with NPCI to introduce two new solutions, UPI Reserve Pay and UPI Autopay Interoperability. These products will enhance customer flexibility and improve transaction success rates. UPI Reserve Pay allows users to block funds for future use, while UPI Autopay Interoperability lets customers manage payment mandates seamlessly across different apps.

The company has emerged as a critical player in the growth of UPI, which recently crossed 20 billion monthly transactions, and supports banks and institutions across India, the Middle East, Southeast Asia, Europe, and the UK.