ePaisa, a mobile based payments company, has seen a 400% growth in transactions post demonetisation. The company aims to digitize India by digitizing the point of sale for Indian businesses, provide a seamless, secure and on-to-go POS using mobile devices and is available in 36 languages. Siddharth Arora, CEO and Co-founder of ePaisa, explains to Team NewsBarons the company’s journey, it’s bouquet of services, the recently launched ‘Payments’ app and the no-frills app MasterWallets.
NB: Explain ePaisa’s working model?
Siddharth: In 2012, ePaisa began the journey to change the landscape of enabling payment acceptance from a mobile device anytime, anywhere. While ePaisa found initial success in providing easy access to credit card and other digital payments, it was seen that that commerce extends beyond payments. With every transaction there was an opportunity, where merchants could learn which products are selling the best, how to reinvest in their businesses, how to engage loyal customers, thereby addressing a widespread need for an effective solution that completely re-imagines and digitizes businesses of all sizes. At ePaisa we saw that there was an opportunity to disrupt the way in which businesses were traditionally using technology and imagined to build a product which would offer a seamless, smart, and on-the-go platform to small and large retail outlets, salons, grocery stores, exhibitors, doctors, home businesses, vegetable seller and even your newspaper vendor, the list goes on. With that knowledge ePaisa pivoted and built a SaaS based Point of Sale (POS) which provides tools to businesses of all sizes to help run and grow from Entrepreneur to Enterprise. Addressing merchant pain points and to organize their day to day businesses effectively and efficiently.
NB: What is your USP and how do you differentiate yourself from other similar service providers?
Siddharth: ePaisa understands micro and small business owners at a much deeper level which is why the need of the hour for any business is an ePaisa mobile point of sale that bundles all commerce and back-end office needs of a business. A seamless, secure and on-to-go POS using mobile devices such as smart phones or tablets.
There is also a revenue model built into the app which enables merchants to earn more by offering mobile recharge, utility bill acceptance, ticket booking and gift card issuance to their customers, earning upto 8% per transaction.
NB: Tell us about your company’s solutions/service offerings. What is your flagship offering?
Siddharth: ePaisa is easy to use, the merchant just needs to download the app, choose his plan and complete his KYC to get started.
The salient features of ePaisa app are:
ePaisa POS is an IOS/Android enabled APP that is designed to run on any smart phone or tablet. You can manage items, take an order, accept payments and send out digital receipts wherever your customers are. It allows a merchant to track sales in real time and record transactions even without internet.
ePaisa offers an integrated payment solution to accept any kind of payments – cash, debit & credit cards, credit (udhaar), meal vouchers, multiple mobile wallets, UPI, Invoicing and bitcoin. Pairing ePaisa app with our card reader, merchants can accept payments from all major credit and debit cards.
ePaisa APP handles all your inventory needs by creating a great product library. You can add, edit or remove products in the app in seconds. It helps in creating categories and speeding up payments making it easier to keep track of all the sales. It lets you receive reorder alerts detailing items that are running low or out, saving time and space
ePaisa APP helps in monitoring business growth by providing access to reports on sales, items, and customers all in one neat summary for any date range. One can access real-time data from anywhere making running business a location neutral activity.
ePaisa enables all its merchants to accept bill payments, ticket bookings and mobile recharges. ePaisa also offers gift vouchers from 150+ retailers.
ePaisa APP handles all the hassles of selling online. It automatically sync products, inventory, orders, and customers across marketplaces with ePaisa POS and accept payments and fulfill orders right from your phone. Through ePaisa you can sell online on Snapdeal, Amazon, Flipkart and offer to accept card payments on delivery using ePaisa card reader.
ePaisa app currently supports 36 languages with addition of some more languages on the cards
NB: Has there been a surge in transactions post demonetisation?
Siddharth: We witnessed a 400 percent surge in transactions post demonetisation.
NB: Please explain the model of the new payments app, Payments?
Siddharth: Payments by ePaisa is an app offers merchants a platform to accept all types of payments like debit cards, credit cards, mobile wallets, UPI and bitcoins in a brick and mortar store. Given the recent announcement of demonetisation, enabling merchants to accept payments was the need of the hour. Hence we launched the all new Payments by ePaisa app. While ePaisa®’s eco system apart from enabling merchants to accept all types of payments offers them a whole host of tools like inventory management, offer value added services to customers. It helps in monitoring business growth by providing access to reports on sales, items, and customers all in one neat summary for any date range. Merchants can access real-time data from anywhere making running business a location neutral activity. ePaisa® also handles all the hassles of selling online. It automatically syncs products, inventory, orders, and customers across marketplaces with ePaisa® POS and accept payments and fulfill orders right from your phone. Through ePaisa you can sell online on Snapdeal, Amazon, Flipkart and offer to accept card payments on delivery using ePaisa card reader.
Payments by ePaisa is a payments only app available on both android and ios platform, where the merchant can accept payments from debit cards, credit cards, mobile wallets, UPI, bitcoins and other upcoming digital payment methods. To start using Payments by ePaisa® the merchant needs to download the app from the play store or the app store. Sign up with us for a set up cost of INR 3500/- and a monthly rental of INR 199/-, complete their KYC and start accepting all types of payments. It’s that simple.
NB: How is MasterWallets different in services from Payments?
Siddharth: MasterWallets is aimed primarily at shopkeepers who only want to accept digital payments. MasterWallets is for the merchants who want a no-frills app — there is no physical KYC process (only eKYC) and there is zero cost involved for the merchant. The merchant doesn’t let the full-fledged POS or the card reader along with MasterWallets. It lets merchants accept payments from multiple wallets like Freecharge, Ola Money, Pockets, MobiKwik, Bitcoins, UPI and upcoming forms of digital payments.
NB: Security is a huge concern during online transactions. How do you address this?
Siddharth: Accepting payments though ePaisa is safe. ePaisa is PCI-DSS compliant and digital transactions follow the 2 factor authentication process.
NB: What are your expansion plans?
Siddharth: We are currently bootstrapped. However, we are looking at a robust growth, currently over 6,000 small businesses across the country using ePaisa for their daily business needs and will reach 25,000 merchants by the end of this financial year.