Pay1

What Pay1 does

Pay1, operated by Mindsarray Network Private Limited, is a Mumbai-based retail technology platform that operates a B2B2C financial inclusion business targeting India's unorganised retail sector. The company's core product is the Pay1 Merchant mobile and web application, supported by the Distributor1 app for distributors managing sub-retailer networks, which together enable more than 400,000 registered retailers across 2,300+ Indian cities to offer banking and digital services to roughly 30 million end customers in underserved and remote regions.

Under the hood, Pay1 integrates as a Business Correspondent with partner banks and connects to regulated payment rails operated by NPCI (UPI, BBPS, AEPS, IMPS) and UIDAI for biometric authentication, exposing this infrastructure to retailers through APIs and proprietary mobile applications. The platform bundles Domestic Money Transfer, Aadhaar Enabled Payment System, Micro ATM, BBPS bill payments (150+ billers), mobile and DTH recharge, UPI, POS, payment gateway, PAN card services via NSDL/UTIITSL, IRCTC railway ticketing, and travel bookings, with a separate Dhanak-branded device hub for refurbished electronics. Retailers pre-fund an e-Balance (working capital) used for real-time settlement and earn token-based commissions per transaction.

Pay1 earns revenue primarily through transaction-based commissions on banking, bill payment, recharge, and travel services, alongside hardware sales (Micro ATM, POS, biometric devices, service kits) and referral or facilitation fees from lending partnerships with NBFCs and MFIs. Its go-to-market is community- and distributor-led under the 'Dukandaron Ka Network' positioning, using word-of-mouth through existing merchants and incentive programs like 'Business ka Badshah' to recruit and retain retailers at no cost to the merchant, while monetising on transaction throughput and device sales.

Name

Pay1

Legal name

Mindsarray Network Private Limited

Website

https://pay1.in

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Pay1 is a Mumbai-based B2B2C retail tech platform that enables 400,000+ unorganised retailers across 2,300+ Indian cities to offer banking, payments, bill pay, and digital services to underserved end customers as a Business Correspondent.

Ownership category

akta.pro rank

Product category

Retail Fintech Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

akta.pro secondary industries

Bank Bill Pay (Consumer & Small Business) (FSAMAJAC), Marketplace / Platform Acquiring (PayFac & Sub-Merchant Management) (FSAMABAF), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Retail fintech services
• Business correspondent platform
• Merchant banking services
• Digital payment solutions
• Financial inclusion services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Transaction-based Commissions: Pay1 earns commissions from financial transactions facilitated through its platform including Domestic Money Transfer (DMT), Aadhaar Enabled Payment System (AEPS), Micro ATM, and other banking services. Retailers earn commissions on each transaction, with Pay1 taking a share.
2. Bill Payment and Recharge Services: Commissions earned from facilitating bill payments (electricity, gas, water, DTH, telecom, FASTag, broadband, municipal services) through BBPS, and mobile/DTH recharges for various operators.
3. Device and Kit Sales: Revenue from sale and distribution of Micro ATM devices, POS terminals, biometric devices, and service kits to retailers. Also includes refurbished electronics under the 'Dhanak' brand.
4. Travel Booking Services: Facilitation commissions from IRCTC railway ticketing, bus bookings, flight bookings, and hotel accommodations through partnerships with authorized service providers.
5. Lending Facilitation: Network-based lending facilitation through partnerships with NBFCs and MFIs, earning referral or facilitation fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Pay1 operates a technology-driven B2B2C platform that enables India's unorganised retailers to act as digital banking and payment service points. Through the Pay1 Merchant App and Distributor1 App, retailers and distributors deliver Business Correspondent services (DMT, AEPS, Micro ATM, Cash Management), bill payments (BBPS for 150+ utilities), mobile/DTH recharges, UPI and payment gateway acceptance, POS transactions, PAN card services, IRCTC railway ticketing, travel bookings, and lending facilitation. Pay1 earns commissions on each transaction facilitated through its platform and revenue from the sale of POS/mATM devices, biometric kits, and refurbished electronics under the Dhanak brand.

Product overview

Pay1 is a technology-driven B2B2C platform operated by Mindsarray Network Private Limited, structured around three business verticals: Business Correspondent Services, Non-Business Correspondent Services, and Device Hub. The core product is the Pay1 Merchant App, a unified platform enabling registered retailers to offer financial and digital services including Domestic Money Transfer (DMT), Aadhaar Enabled Payment System (AEPS), Micro ATM, BBPS bill payments, UPI payments, Payment Gateway, POS services, mobile/DTH recharges, utility bill payments, PAN card services, IRCTC railway ticketing, and travel bookings. A companion Distributor1 App serves distributors managing retailer networks. The Device Hub offers refurbished electronics under the Dhanak brand. All services are delivered through a proprietary web and mobile application infrastructure with assisted-model support for last-mile financial inclusion.

Differentiator

Problem solved

Functional benefit

Brands

• Dhanak: Brand for refurbished, second-hand, or open-box electronic products including mobile phones, laptops, and other electronic goods

Products and services

• Pay1 Merchant App A unified mobile and web application that enables registered retailers and shopkeepers to offer banking, bill payment, recharge, PAN, travel, and other digital financial services to end customers and earn per-transaction commissions. Serves as the primary platform for BC services (DMT, AEPS, Micro ATM, CMS), BBPS bill payments, UPI acceptance, POS, and travel bookings.
• Distributor1 App Mobile application for distributors to manage their Pay1 retailer network, including Khata management, balance transfers to retailers, service kit distribution, limit requests, and performance monitoring of high- and low-performing retailers.
• Business Correspondent Banking Services (DMT, AEPS, Micro ATM, CMS) A suite of banking services operated by Pay1 as a Business Correspondent of partner banks, enabling retailers to offer customers Domestic Money Transfer, Aadhaar Enabled Payment System cash withdrawal/balance enquiry/mini statement/Aadhaar-to-Aadhaar transfer, Micro ATM transactions, and Cash Management Services through UIDAI-compliant biometric and POS devices.
• BBPS Bill Payment and Recharge Services Bill payment and recharge service operated as an NPCI-authorised BBPS Agent Institution, enabling retailers to accept payments for over 150 utility companies (electricity, gas, water, DTH, telecom, FASTag, broadband, municipal services) and process mobile, DTH, and broadband recharges through authorised aggregators.
• IRCTC Railway and Travel Booking Services Travel booking facilitation service authorised by IRCTC as a Principal Service Provider, enabling retailers to act as sub-agents for railway e-ticket bookings, bus tickets, flight tickets, and hotel accommodations through the IRCTC booking engine integration.
• PAN Card Services PAN card application and update facilitation service integrated with authorised PAN service providers NSDL and UTIITSL, allowing retailers to assist customers in submitting new PAN card applications and processing document updates.
• POS and Payment Gateway Acceptance Card and digital payment acceptance service for merchants through Pay1-provided digital POS terminals and third-party payment gateways supporting UPI, NEFT, RTGS, IMPS, card payments, and prepaid payment instruments, with settlement to merchant e-balance or bank accounts.
• Lending Facilitation Service Network-based lending facilitation service connecting retailers and end customers with NBFCs and MFIs (including Lendbox as a partner) for loan products, with Pay1 earning referral and facilitation fees.
• Dhanak Refurbished Electronics (Device Hub) Device Hub vertical selling refurbished, second-hand, and open-box electronic products including mobile phones, laptops, and other electronics under the Dhanak brand, in addition to distribution of Micro ATM, POS, and biometric devices to retailers.

Quantifiable outcome

• 4 Lakh+ merchants served across 2300+ cities
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Partner Banks (BC Framework)coreStrategic or Co-development PartnerPay1 operates as Business Correspondent for partner banks to provide banking services including DMT, AEPS, Micro ATM, and Cash Management Services. The specific bank(s) are not named in the source material.
• NPCI (National Payments Corporation of India)coreStrategic or Co-development PartnerPay1 integrates with NPCI infrastructure for UPI, BBPS, AEPS, and other payment services. NPCI operates the payment systems that Pay1 leverages for transaction processing.
• UIDAI (Unique Identification Authority of India)coreTechnology or IntegrationPay1 uses UIDAI-compliant Aadhaar authentication for AEPS and Aadhaar-enabled services through biometric verification using UIDAI-certified devices.
• LendboxminorStrategic or Co-development PartnerLendbox is a lending platform partner shown in the partner logos section. They appear to partner with Pay1 for network-based lending facilitation through NBFCs and MFIs.
• IRCTC (Indian Railway Catering and Tourism Corporation Limited)coreTechnology or IntegrationPay1 is authorized by IRCTC as a Principal Service Provider (PSP) for facilitating railway e-ticket bookings through the IRCTC system. Retailers operate as sub-agents for IRCTC bookings.
• Telecom Operators and DTH Service ProvidersminorChannel Partner/ Reseller/ DistributorPay1 enables mobile recharge and DTH top-up services through partnerships with telecom operators and DTH service providers (excluding Dish TV, Sun Direct TV, and Tata Sky as per terms).

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Others

• Jio Payments Bank:

Direct peers

• Fino Payments Bank: Fino Payments Bank is a listed BC-led payments bank serving unbanked and underbanked customers through a merchant network offering AePS, DMT, bill payments, and savings accounts. It competes head-to-head with Pay1 for retailer relationships and government-driven digital transactions.
• India1 Payments: India1 Payments (formerly India1 ATM) operates one of India's largest white-label ATM and cash management networks, serving unbanked India through retailer touchpoints. It overlaps with Pay1's Micro ATM, AEPS, and cash-management footprint among small retailers.
• PayNearby: PayNearby is one of India's largest Business Correspondent networks, onboarding neighbourhood retailers to offer banking, bill payment, AePS, DMT, and travel services. It is directly comparable to Pay1 in its B2B2C BC platform model, target retailers, and service mix.
• Spice Money: Spice Money operates an Adhikari-led fintech network empowering small retailers and distributors to deliver banking, payments, insurance, and financial services in tier-3+ India. Its BC model, retailer focus, and multi-service platform make it a direct peer to Pay1.
• Eko (IndusOS): Eko offers a B2B fintech platform enabling small retailers to deliver banking, payments, and financial services, including AePS, DMT, bill payments, and travel. Its retailer-led, multi-service model and target customer base are highly comparable to Pay1's.

Broad incumbents

• PhonePe: PhonePe is a leading Indian digital payments platform with broad merchant acceptance, UPI, bill payments, and financial services including insurance and lending. As a broad incumbent, it overlaps with Pay1 on UPI merchant acceptance, BBPS bill payments, and merchant-onboarding mechanics, but at much larger scale.
• Airtel Payments Bank: Airtel Payments Bank is a large, scaled payments bank leveraging Airtel's telecom distribution to offer banking, AePS, bill payments, and merchant services. It is a broader incumbent that overlaps with Pay1 across BC services, AePS, and bill payments but with materially deeper capital and parent backing.
• Paytm (One97 Communications): Paytm operates one of India's largest merchant payments, BBPS, and digital banking platforms, serving small retailers with QR-based acceptance, Soundbox, and Paytm Mini-ATM. Its breadth and brand presence in tier-2/3 India overlap with Pay1's merchant focus but at materially greater scale.

Emerging players

• BillDesk (Paytech Innovation Labs): BillDesk is a major Indian online bill payment and aggregation platform operating in the BBPS ecosystem. While more enterprise-focused than Pay1, BillDesk represents an overlapping payments-aggregation and bill-pay competitor that serves some of the same end services Pay1 routes through its retailer network.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pay1

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pay1