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Bijlipay eyes small towns to spur Digital India drive
Bijlipay, a city-based fintech start-up in the payments solution landscape has ambitious plans for Tamil Nadu. Having onboarded close to 50,000 merchants as of date and witnessing a transaction volume of Rs 150 cr on monthly basis, the end-to-end payment solutions provider is concentrating on markets beyond Tier 2 and Tier 3 cities in the state, to help mobilise the move towards a lesscash economy
By
migrator
migrator
Chennai
Bijlipay, the flagship brand of Skilworth Technologies, was formed in 2014 by a group of former bankers with 50 plus years of collective experience in the payment processing industry globally. The firm is involved in the sales and distribution of Point of Sale machines (mPOS and digital POS) and management of end-to-end payment operations vis-à-vis merchant onboarding, recon and settlements. Pradeep Oommen, the CEO of the company tells us, “We have seen a phenomenal growth this year, with respect to onboarding new of merchants and overall spends (volume of transactions conducted by merchants), which have risen exponentially month on month. We have also ensured that our merchant activity rate is at a healthy 69 per cent (percentage of merchants actively using the POS machines).”
Around 20 per cent of the company’s merchant base is from Tamil Nadu and Puducherry and the two regions contribute to about 30 per cent of the firm’s transaction volumes. Oommen highlights the fact that the state has one of the most conducive and technology-friendly business environs, owing to which adoption rates are high even in small towns. He says, “The activity rate of merchants in these two regions are at 73 per cent which is higher than the total portfolio of 69 per cent.”
One of the innovative value-added services of the company includes the Swipe4Cash Mini ATM facility. It works on the premise of using merchants as dispensers of cash for the populace in regions that have a low penetration of ATMs. The merchants are then reimbursed by the banks for the cash doled out. Oommen says the company caters to firms in all segments – from SMEs and large enterprises to retailers and banks as well. The POS machines are already Bharat QR enabled and is ready for Unified Payment Interface UPI) and will be equipped for Aadhaar Enabled Payment System (AEPS) shortly.
The company is looking forward to a 7x to 8x jump in transaction volumes in the short term and tripling its merchant base as well.
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