What Mufin Pay does

Mufin Pay, operated by Hindon Mercantile Limited and headquartered in Delhi, is an RBI-licensed Prepaid Payment Instrument NBFC and one of only four NBFCs in India authorised to operate a PPI under the regulator's framework. The company runs a regulated digital payments platform anchored by the Mufinpay Super App, which consolidates UPI-on-PPI, BBPS bill payments, FASTag recharges, RuPay-powered prepaid gift cards and reloadable GPR cards, NCMC transit cards, biometric (face and fingerprint) payments, AI-driven video KYC onboarding, a sound box device, a B2B payment gateway, and a corporate expense management suite. Underlying these is a Bank-in-a-Box white-label API/SDK stack that allows NBFCs, banks, and fintechs to embed Mufin Pay's rails. Mufin Rewards extends the platform into B2B gifting and loyalty, connecting 1,000+ corporate clients with 450+ partner brands.

The business monetises through a diversified mix: per-card issuance fees, transaction and interchange revenue on PPI add-money, IMPS and ATM withdrawals, payment-gateway processing spreads, sound box hardware sales, corporate expense SaaS, and Bank-in-a-Box API licensing. Government distribution is anchored by a partnership with the Delhi Transport Corporation and the Delhi Government for the DTC NCMC Pink 'Saheli' Card and Blue Smart Card, a high-volume transit deployment.

In January 2026, Mufin Pay received a $13.3M strategic investment from listed LKP Finance for a 22% stake and simultaneously completed the 100% acquisition of Gyftr (Vouchagram Private Limited), consolidating PPI infrastructure with a digital gifting and rewards marketplace. The combined Mufin Pay + Gyftr entity reports ~₹90-100 crore PAT, zero debt, and a ₹350 crore bank balance, targeting the $35-40B India gifting and rewards market (projected $65B+ by 2030). LKP Finance has additionally announced it will surrender its NBFC licence and rebrand to Gyftr, aligning the listed entity with the consolidated platform.

Name

Mufin Pay

Legal name

Hindon Mercantile Limited

Website

https://mufinpay.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Mufin Pay (Hindon Mercantile Limited) is an RBI-licensed PPI NBFC operating a regulated Indian digital payments platform offering UPI-on-PPI, prepaid cards, NCMC transit, BBPS bill payments, payment gateway, biometric payments, white-label Bank-in-a-Box APIs, and the Mufin Rewards gifting marketplace to consumers, corporates, merchants, NBFCs, and government.

Ownership category

akta.pro rank

Product category

Digital Payments Platform

NAICS

Credit Card Issuing (52221), Activities Related to Credit Intermediation (5223)

SIC

Finance Services (6199), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)

akta.pro secondary industries

Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Utility & Municipal Billing Platforms (FSAMAJAG)

Keywords

• Prepaid payment instruments
• Digital wallet services
• UPI payment gateway
• Corporate expense management
• White-label fintech platform

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Transaction & Service Fees on PPI Wallet: Per-transaction fees on Super App usage: 2% on add money via payment gateway, 1.18% fuel surcharge, ₹25 ATM withdrawal, and tiered IMPS-to-bank fees (₹2.50/₹3.50/₹8.00 by value bucket). All-inclusive of 18% GST.
2. Prepaid Card Issuance & Replacement Fees: One-time fixed fees: ₹100 for Prepaid Gift Card physical issuance and replacement; ₹250 for Prepaid GPR Card physical issuance and replacement; virtual GPR card is free.
3. Payment Gateway Transaction Processing: Revenue from merchants accepting online payments through MufinPay Payment Gateway via payment links, checkout flows, APIs and plugins, with rapid settlement cycles.
4. Corporate Expense Management SaaS: B2B revenue from multi-wallet corporate expense management platform with rules engine for approvals, limits and alerts, integrated with ERP/accounting systems, including Main, Food, Transit (NCMC) and Gift Voucher wallets.
5. Loyalty, Rewards & Gift Voucher Platform (Mufin Rewards): Revenue from branded gift cards across 300+ brands, branded merchandise, instant UPI payouts, custom microsites and API-first Reward Stack sold to 1,000+ corporate clients across industries.
6. White-Label API, SDK & Bank-in-a-Box Licensing: Licensing of customizable payment infrastructure, prepaid card issuance, UPI/QR and wallet modules to NBFCs, fintechs and service aggregators embedding MufinPay under their own brand.
7. Sound Box Hardware Sales: Sale/lease of 4G-enabled multilingual Sound Box devices to merchants for real-time UPI payment audio confirmations.
8. NCMC Card Issuance Fees: One-time fees for DTC NCMC cards: first Pink Saheli card free; ₹59 replacement for Pink card; ₹59 for Blue NCMC card (incl. GST).

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels5 records

Core offering

Mufin Pay operates an RBI-licensed Prepaid Payment Instrument (PPI) platform delivering a Super App that combines UPI on PPI, prepaid cards, BBPS bill payments, FASTag, and NCMC transit. It serves consumers, merchants and corporates directly, and offers B2B services including a Payment Gateway, Corporate Expense Management, a white-label Bank-in-a-Box API/SDK fintech stack, and the Mufin Rewards digital gifting and loyalty platform. The company also distributes NCMC transit cards via Delhi Transport Corporation and the Delhi Government.

Product overview

Mufin Pay, operated by Hindon Mercantile Limited, is an RBI-licensed PPI (Prepaid Payment Instrument) NBFC offering a unified digital payments platform built around a core Super App and complemented by a portfolio of specialized products and modules. The Super App brings together the Mufinpay Prepaid Wallet, UPI on PPI, BBPS Bill Payments & Recharges, FASTag, prepaid card management, P2P/P2M transfers, biometric payments, and Video KYC onboarding. Surrounding products include the RuPay-powered Mufinpay Prepaid Gift Card, the reloadable Mufinpay Prepaid GPR Card, the Mufinpay Sound Box merchant audio confirmation device, the Mufinpay DTC NCMC Smart Cards (Saheli Pink and Blue) for transit, the B2B Mufinpay Payment Gateway, the Corporate Expense Management multi-wallet suite, the Bank In A Box white-label fintech stack with APIs and SDKs, and the Mufin Rewards loyalty, gift voucher, and UPI payout platform. Together, these offerings target consumers, merchants, corporates, NBFCs, fintechs, and transit users across India with a regulated, RBI-compliant infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• MufinPay Super App: Unified consumer mobile application for prepaid cards, UPI, bill payments, gift cards, and rewards.
• Mufin Rewards
• Gyftr
• DTC Pink NCMC Card
• DTC Blue NCMC Card

Products and services

• Mufinpay Prepaid Gift Card A non-reloadable RuPay-powered prepaid gift card issued by Mufin Pay in physical and virtual formats with a maximum load value of ₹10,000 per card and a 1-year validity, designed for personal gifting, corporate gifting, employee rewards, and customer promotional campaigns. Usable at all RuPay-enabled merchants (online and offline) across India.
• Mufinpay Prepaid GPR Card A reloadable General Purpose Reloadable (GPR) RuPay prepaid card with a maximum loading value of ₹2,00,000 and a 3-year validity, supporting ATM cash withdrawals (daily ₹2,000 / monthly ₹10,000 limit), POS, e-commerce, contactless tap-and-pay, and NCMC-enabled transit usage including metro, buses, parking, and tolls. Earns up to 1.25% instant cashback on eligible transactions.
• Mufinpay Super App An all-in-one PPI-licensed digital wallet app integrating UPI on PPI, BBPS bill payments, FASTag recharges, prepaid card services, P2P/P2M transfers, biometric payments, and value-added services. Backed by RBI's Prepaid Payment Instrument license, it serves consumers, merchants, and enterprises through a single Super App interface.
• Mufinpay UPI on PPI UPI service integrated directly on Mufinpay's PPI (prepaid wallet) enabling Scan QR, Pay to VPA, Pay to Account/IFSC, and UPI Mandate transactions. Supports both P2M (merchant acceptance with QR/UPI ID and Sound Box confirmations) and P2P (peer-to-peer transfers using UPI ID, mobile number, or QR) with real-time settlement. Limited to domestic transactions within India.
• Mufinpay Sound Box A compact, portable 4G-enabled wireless audio device for merchants that delivers real-time UPI payment confirmation alerts in 11 Indian languages with a long-lasting rechargeable battery. Accepts payments from any UPI app and requires no Wi-Fi, providing trust and transparency for retail and small business environments.
• Mufinpay Bill Payments & Recharges (BBPS) Bharat Connect (BBPS)-enabled and UPI-integrated bill payment and recharge service within the MufinPay Super App covering mobile, DTH, electricity, gas, water, broadband, and FASTag recharges with secure real-time confirmations and instant processing.
• Bank In A Box A complete suite of financial services offered as a white-label platform within the Super App, including RBI-licensed Prepaid Cards, UPI/QR, Value Added Services, NCMC, Pay-in/Pay-out, APIs & SDKs, Seamless Digital Onboarding, and Video KYC. Targeted at NBFCs, fintechs, and service aggregators seeking a fully customizable payment infrastructure under their own brand.
• Mufinpay Payment Gateway An online payment gateway for businesses that accepts customer payments via secure payment links, checkout flows, and a centralized business dashboard with transaction tracking, settlements visibility, and fund movement insights. Offers prebuilt plugins and seamless APIs for fast integration with multiple payment modes and a robust fraud prevention mechanism.
• Corporate Expense Management Smart multi-wallet corporate expense solution providing Main Wallet (UPI, card, bill payments), Food Wallet (FSSAI outlets), Transit Wallet (NCMC metro/bus), and Gift Voucher Wallet (brand vouchers). Governed by a powerful Rules Engine managing approvals, limits, and alerts and fully compatible with ERP/accounting systems.
• Mufin Rewards (Loyalty & Rewards) Loyalty, rewards, and digital gifting platform offering Digital Gift Vouchers across 400+ brands, co-branded and open-loop Prepaid Cards, UPI Payout Solutions, Custom Microsites for contests and loyalty programs, and an API-first Reward Stack plugging into CRM, HRMS, or campaign backends. Powers use cases including employee rewards, channel partner loyalty, customer engagement, dealer/distributor incentives, festive gifting, and instant gratification campaigns. Operates with a CERT-In audited architecture.
• Mufinpay DTC NCMC Smart Cards NCMC-enabled mobility smart cards including the Saheli Pink NCMC Card (Delhi women/transgender commuters aged 5+; first card free, replacement ₹59 incl. GST, 5-year validity, free DTC bus travel plus paid metro/RRTS) and the Blue NCMC Card (all-gender paid stored-value card at ₹59 incl. GST). Both support tap-based contactless travel on DTC ETMs and Delhi Metro/RRTS with auto fare deduction and anytime recharges.

Quantifiable outcome

• Up to 1.25% instant cashback on eligible MufinPay Prepaid GPR Card transactions
• +6 more outcomes

Named customers2 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability6 records

Feature8 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• Gyftr (Vouchagram Private Limited)flagshipStrategic or Co-development PartnerGyftr is 100% owned by Mufin Pay and is being consolidated with Mufin Pay's PPI infrastructure under the LKP Finance umbrella to form a unified payments and digital rewards platform in India. The combined entity targets India's $35-40 billion gifting and rewards market, projected to exceed $65 billion by 2030.
• RuPay (NPCI)coreTechnology or IntegrationMufinpay Prepaid Gift Cards and Prepaid GPR Cards are powered by the RuPay network, available in physical and virtual formats, accepted across RuPay-enabled merchants (POS, e-commerce, ATM) in India.
• NPCI - UPI on PPIcoreTechnology or IntegrationUPI is integrated into the Mufinpay Super App on top of the PPI wallet, enabling interoperability so that prepaid balances can be used across UPI-accepting merchants and other UPI apps.
• Bharat Connect (BBPS)coreTechnology or IntegrationBill Payments, FASTag recharges and utility payments on the Mufinpay Super App are delivered via Bharat Connect (BBPS) integration, providing wide service provider coverage and real-time confirmations.
• Delhi Transport Corporation (DTC)coreGTM or Marketing PartnerGovernment partnership for issuance of Mufinpay DTC Pink (Saheli) and Blue NCMC Smart Cards at designated DTC centres, enabling cashless travel on DTC buses, Delhi Metro and RRTS; Pink card supports the Delhi Government's free travel scheme for women.
• Government of NCT of Delhi (Saheli Pink Card initiative)flagshipGTM or Marketing PartnerDelhi Government initiative delivered through Mufinpay to provide free DTC bus travel for women and transgender residents of Delhi aged 5+ years via the Mufinpay DTC Pink NCMC Card, with Aadhaar-based verification.
• BatteryPoolminorStrategic or Co-development PartnerNews (Jan 2026) reports that BatteryPool, an Indian deeptech-fintech EV battery financing platform, announced partnerships with NBFCs AMU Finance and Mufin (Mufin Group entity) to expand sachetized EV battery financing across India's commercial EV ecosystem, deploying over ₹1 crore monthly in credit across nine cities and four states.
• Google Play StorecoreChannel Partner/ Reseller/ DistributorMufinpay Super App is distributed via the Google Play Store (com.mufinpay.superapp) as the primary download and re-engagement surface for consumer users.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Juspay: Juspay provides payment orchestration, no-code checkout, and processing infrastructure for large merchants and fintechs in India, comparable to MufinPay's API/SDK and payment gateway stack as a fintech infrastructure layer.
• Open Financial Technologies: Open is an Indian Banking-as-a-Service platform offering API-driven business banking, payouts, payment rails and prepaid cards — directly comparable to MufinPay's Bank-in-a-Box white-label fintech suite.
• Niyo: Niyo issues RBI-licensed prepaid cards, NCMC transit cards and UPI-enabled wage/salary accounts, closely overlapping MufinPay's GPR, NCMC and Super App positioning for salaried and migrant workers.
• Jupiter: Jupiter is a consumer-fintech super-app offering UPI, PPI wallet, bill payments, savings and reward features — closely comparable to MufinPay's Super App bundling UPI, wallet, BBPS and rewards.
• Slice (NorthEast Small Finance Bank): Slice operates a PPI-licensed prepaid card and UPI app for young consumers, comparable to MufinPay's prepaid card and Super App consumer wallet play, though Slice focuses on credit-on-UPI rather than transit/gifting.

Direct peers

• Google Pay India: Google Pay is a top-tier UPI app with deep consumer and merchant penetration in India, competing with MufinPay's UPI-on-PPI and merchant acceptance/Sound Box offerings.
• PhonePe: PhonePe is the largest UPI app in India and has expanded into PPI wallets, prepaid cards, sound boxes, merchant acquiring and bill payments — directly overlapping MufinPay's Super App, Sound Box and BBPS use cases.
• Mobikwik: Mobikwik is a listed Indian PPI-licensed fintech with a wallet, UPI, prepaid cards, Zip BNPL and a payment gateway — closely comparable to MufinPay's prepaid wallet and Bank-in-a-Box offering for consumers, merchants and SMBs.
• Paytm (One97 Communications): Paytm operates India's largest PPI-licensed wallet, UPI app, payment gateway, sound box, and corporate expense products — the closest direct peer to MufinPay's full-stack Super App plus Bank-in-a-Box model.

Broad incumbents

• Razorpay: Razorpay is a leading Indian payment gateway and full-stack fintech infrastructure provider (payment aggregation, payouts, banking, lending APIs) — directly comparable to MufinPay's Payment Gateway and Bank-in-a-Box B2B offerings, though Razorpay does not focus on consumer wallets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Mufinpay

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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

M&A1 record

Investments

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

Frequently asked questions about Mufin Pay