InstantPay, one of India’s largest Inclusive Banking platform, today reiterated its focus on the SME industry with its launch of the first-of-its-kind Neo-banking services. This new age branchless banking solution will allow SMEs the advantage of managing all their payments, collections and reconciliation on a single and seamless interface. With its 100% digital and mobile platform InstantPay is reinventing the practices and processes of a traditional bank, while at the same time ensuring that they are more cost-effective, automated and convenient, in line with the requirements of today's SMEs. The existing InstantPay platform will offer a full-fledged business banking current account with an underlying bank.
This Neo-banking solution will enable SMEs to avail cash management and other financial services which were earlier only accessible to large corporates and ERP solution providers. For this unique solution, InstantPay is partnering up with large banks and integrating its core banking services on its platform. With such a partnership, InstantPay is also offering quick unsecured overdraft facility to the SMEs, that will in turn help solve their credit issues.
Speaking on the launch, Mr. Shailendra Agarwal, CEO, InstantPay said, “The story for India as a global superpower has just begun and I am confident that SMEs will be the growth engines of the Indian economy. They have been growing rapidly over the past 4-5 years. Driven by favorable government policies and flexible banking institutions, SMEs are increasingly contributing to the development of our country as well as offering employment to millions. Our Neo-banking solution is innovatively designed to address the unique requirements of SMEs. It does away with the hassles of traditional banking process & policies and provides a seamless and user-friendly experience.”
Added Mr. Amol Sonbarse, Head of Business, InstantPay, “We have on-boarded over a 1,000 SMEs in last one month on this platform. The response has been phenomenal and encouraging. We are confident that our Neo-banking service will find an instant connect with the SMEs. With our strong presence on the Inclusive Banking side, we are now ramping up operations to onboard over 50,000 SMEs on the platform by the end of FY-20.”
Founded in 2013, InstantPay was conceptualized with a vision to drive ‘Financial Services for the larger India’. InstantPay is focused on bridging the gap which traditional banks have not been able to since the inception of banking in India. InstantPay started with building a large network of ‘Digi Kendras’ which is an extension of the mom-and-pop stores across low-tier locations across India. These stores serve as banking hubs and are empowered to carry out mainstream financial transactions as performed in a bank branch, thus bridging the gap between the ‘Rural’ and the ‘Digital India’. The company has more than 75,000 Digi Kendra’s across 10,000+ pin codes and aims to increase this number considerably over the next couple of years. Committed to driving financial inclusion for the last mile consumer, InstantPay works on an innovative asset-light model and is committed to play a pivotal role in driving financial inclusion in India.