ZET Enters UPI Ecosystem with NPCI Approval; Launches 2% Cashback for Credit-Invisible Users

ZET, the Peak XV-backed fintech pioneer focused on affordable credit access, has officially entered the Unified Payments Interface (UPI) ecosystem. The company announced today that it has received the Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI).

With this approval, the startup has launched ZET UPI, a feature that allows users to link their RuPay credit cards to the ZET app for seamless “UPI-on-Credit” transactions. To mark the launch, ZET is offering a flat 2% cashback on all UPI payments made via RuPay credit cards for its ZET Plus subscribers.

Bridging the Gap for 400 Million “Credit-Invisible” Indians

ZET’s entry into UPI is a strategic move to integrate credit-building into the daily financial habits of India’s underserved population. Currently, nearly 400 million adults in India lack a formal credit history. ZET addresses this by helping users build a 750+ credit score through secured credit cards (backed by fixed deposits starting as low as ₹2,000).

By adding UPI functionality, ZET ensures that even routine, low-value transactions—like buying groceries or tea—contribute to a user’s credit profile.

Key Features of ZET UPI:

RuPay Integration: Users can link any RuPay credit card to make UPI payments directly from their credit line.
ZET Plus Rewards: Subscribers (at just ₹3/day) earn flat 2% cashback on UPI spends, plus benefits like zero convenience fees on brand vouchers and cyber fraud insurance.
Credit Health Tools: The platform provides a single interface to track spending, manage repayments, and monitor credit score growth.

“UPI has become the default way Indians transact every day. Our focus is to meet users where they already are and help them build healthy credit habits without changing how they pay,” said Yash Desai, Co-founder of ZET. “ZET UPI is designed to fit naturally into daily life while supporting a disciplined and transparent credit journey.”

Robust Tech and Strategic Backing

ZET’s UPI infrastructure is powered by Juspay’s technology stack and enabled through a strategic partnership with RBL Bank.

Founded by Manish Shara and Yash Desai, ZET (formerly OneCode) has raised over $18 million to date from marquee investors including Peak XV Partners, General Catalyst, Nexus Venture Partners, and WaterBridge Ventures. The company has also gained support from angel investors like Kunal Shah (CRED) and Amrish Rau (Pine Labs).

By: Vanshika Tayal