HookoluPay, an Assam-based fintech company, successfully obtained a Unified Payments Interface (UPI) license from the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) in November last year. However, the platform has not yet launched as the company continues to work on technical integrations.
With a mission to transform the financial landscape of Northeast India, especially in rural areas, HookoluPay aims to bridge the gap in financial accessibility where traditional banking services remain scarce. The company envisions delivering a seamless digital payment experience to underserved communities.
“HookoluPay is currently in discussions for collaboration with all cooperative banks across India to facilitate merchant acquisition for UPI payments. This initiative will be executed through its UPI-TPAP partnership, enabling cooperative banks to onboard merchants by deploying UPI Handles and soundboxes provided by the TPAP partner," HookoluPay Founder Aziz Ali told Business North East (BNE).
He also revealed that following the NPCI guidelines issued on November 29, which now allow cooperative banks to acquire merchants in UPI, HookoluPay aims to leverage this opportunity to expand digital payment adoption across rural and semi-urban areas.
"It takes time as technical integration is ongoing. We are determined to take HookoluPay to the next level,” the CEO stated when asked about the delay in the launch of the application.
“HookoluPay will play a vital role in India, particularly in rural regions such as Northeast India, Jammu & Kashmir, Bihar, Uttar Pradesh, Rajasthan, North and South India states, etc. and all Tier 4, 5, and 6 cities. Our goal is to support digital payments and contribute to India’s economic growth by expanding UPI accessibility to every pin code in the country,” he further stated.
HookoluPay’s flagship Minibank/VLE platform offers various financial services, including money transfers, cash withdrawals, bank account openings, and Aadhaar Enabled Payment System (AEPS) transactions. The platform also integrates bill payments and merchant lending, ensuring users can access a comprehensive financial ecosystem across India.
Beyond digital transactions, HookoluPay is committed to fostering economic growth in rural communities. By enhancing financial accessibility, the company generates employment opportunities, nurtures local talent, and encourages entrepreneurship—ultimately contributing to India’s economic development.
Since its incorporation as a Private Limited company in 2020, HookoluPay has been at the forefront of financial innovation in Northeast India. With a digital-first approach, the company is dedicated to bringing modern financial solutions to remote regions with limited banking infrastructure.
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The Minibank/VLE platform, accessible via both the website and mobile app, empowers users with a suite of digital banking services. By integrating AEPS, bill payments, and merchant lending, the platform ensures seamless financial operations within a single, user-friendly interface.
By bridging financial divides, HookoluPay is not just revolutionising digital payments but also driving economic empowerment. As it moves closer to making its UPI services available to the public, the company remains steadfast in its commitment to financial inclusion and rural economic resilience, empowering communities to participate in India's evolving digital economy. It is expanding its operations globally, aiming to take Assam from local to global, as they are expanding internationally in many countries like Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and UAE.
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