“Can Airpay become the full-stack financial OS for MSMEs across India, the Middle East, and Africa by layering lending, payments, and financial inclusion on a single omnichannel platform?”
Airpay started as an omnichannel payments platform in India, targeting MSMEs and the unbanked. Over 11+ years it expanded beyond payment gateway services into a full financial services platform — building an agent network (vyaapaar) for last-mile financial inclusion across 500+ districts. More recently, it has layered on a digital lending arm (airpay.capital) acting as an RBI-registered Lending Service Provider, and has expanded internationally into the UAE and Middle East with working capital financing products, pivoting from pure payments toward an embedded finance platform for SMBs.
Airpay processes payments through Airpay Payment Services Pvt. Ltd. (self-operated). Disclosed money-movement rails: UPI.
The Embedded Finance Index 2026 maps 3 layers in Airpay's stack: Payments / PSP (Airpay Payment Services Pvt. Ltd. (self-operated)); Money movement (UPI); Lending (airpay capital (digital lending app, India — LSP model), Invoice Financing (UAE — up to 90% of invoice value), Supply Chain Financing (UAE), Buy Now Pay Later / BNPL for vendors (UAE) and 4 others).
Airpay is headquartered in India (Pune area, based on customer care number prefix 020).
Get a read on where your own stack stands against Airpay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.