Covid-19 pandemic considerably accelerated adoption of digital payments in India: RBP Finivis

Sam Gupta, Director & CEO, RBP Finivis

Amid the Covid-19 pandemic successful the country, fintechs person been astatine the forefront of India’s fiscal inclusion efforts. Among the caller harvest of fintechs successful the country, Panchkula-based RBP Finivis is rapidly expanding its footprint. In an enactment with Financial Express (Online), its manager & main enforcement serviceman Sam Gupta shared his views connected Covid-19’s interaction connected the fintech industry, the value of fiscal inclusion, and RBP Finivis’ maturation and enlargement plans. Edited excerpts:

India has a beardown banking system. Why bash you deliberation fintechs are important for fiscal inclusion successful India?
The implementation of fiscal inclusion held successful the 1960s kept an oculus connected the economical improvement successful India with the nationalisation of banks. The regulator advised each banks to see fiscal inclusion successful their concern outreach. Since then, its advancement was monitored by the Reserve Bank of India (RBI) done the implementation of Financial Inclusion Plans (FIP) successful presumption of predetermined parameters. The cardinal relation of fintechs successful fiscal inclusion is by making changes successful the accepted concern exemplary of banks and fiscal institutions; it tin present fiscal products and services to the financially excluded colonisation successful a much accountable and businesslike mode successful the slightest imaginable time.

How has Covid-19 impacted the Indian fintech manufacture and your business?
The pandemic has considerably accelerated the adoption of integer payments, and seen lending solutions turn astatine a breakneck speed, resulting successful the wide inclusion of factions of the nine that were ill-served by accepted fiscal methods. The usage of integer and contactless payments surged during the pandemic, arsenic radical opted for safer ways to transact financially. Our concern and employees person been impacted, too, by the pandemic. In presumption of business, we person seen much integer transactions during this period.

Amid the pandemic, erstwhile bash you spot revival successful the fintech industry?

We bash not spot the pandemic arsenic a mislaid opportunity; alternatively it has generated unexpected revenues that were ne'er imagined. The fintech manufacture has seen a steep emergence successful the fig of transactions amid the lockdown. The twelvemonth 2020 is seen to beryllium a roar for the manufacture and things are happening astatine a accelerated pace. To an extent, the pandemic has proved beneficial for the fintech manufacture players to execute their plans and effort to maximise scope with their offerings.

There are already established players similar Paytm and PhonePe, etc. contiguous successful the Indian fintech market. What makes RBP Finivis antithetic from others?

Our unsocial offering successful the marketplace for the B2C conception is simply a cardinal differentiator from different existing players. We person a qualified exertion squad with 10 years of experience. Digital India occurrence is our main mantra which we leverage successful our services and offerings. The motorboat of MEGO volition beryllium path-breaking successful the fintech industry. And, an important origin that the products specified arsenic AEPS (Aadhaar Enabled Payment system) and Micro ATMs are not operated by Paytm and PhonePe similar brands.

What is MEGO Pay ATM? How is it antithetic from different slope ATMs?
MEGO conceptualises the cardinal integer offering of RBP Finivis. Micro ATM is 1 of the halfway components of our offerings. The instrumentality includes a paper scholar with features of deposit, equilibrium inquiry, and currency withdrawal from each slope debit cards. It is simply a mini mentation of ample ATMs with a POS (point of sales) terminal. Micro ATM facilitates the diagnostic of a swipe instrumentality to link with the halfway banking system. With our micro ATM services besides known arsenic mini ATM services successful India, we are determined to alteration a communal man’s life.

What is your contiguous marketplace stock and who are your competitors successful the market?
Our marketplace stock is minimal astatine present. By 2021-end and 2022 we would person a percent successful the wide marketplace stock arsenic we run successful some B2B and B2c segments. Our competitors are Paytm, GooglePay, Mobikwik, and PhonePe.

How galore states/markets bash you person a beingness successful now? Any enlargement plan?

We are presently based retired of Panchkula (Haryana) and person a probe squad operating from Kolkata. We person plans to grow our branches and services to a fig of states which see Delhi NCR, Assam, Mizoram, Tripura, Arunachal Pradesh, Himachal Pradesh, Jammu & Kashmir, Punjab, and Haryana.

What is the size of your lawsuit base, and its maturation rate?
With the instauration of artificial quality (AI) which volition summation the ratio of integer payments, and during the pandemic, the inclination has seen an immense upsurge successful presumption of usage of it (digital payments). It volition alteration the implicit dimensions of the Indian economy. Our people segments are schoolhouse and assemblage students, unemployed youth, agrarian people, and consumers who are marketplace astute and look for discounts and offers successful their spending. In our B2C offerings, we supply unsocial and precocious technology-enabled features to our consumers to redeem their offers and currency backs via web app and cards. Bringing integer banking to agrarian India is our main people to execute by acquiring 15% of the agrarian subscribers base.

Where bash you spot RBP Finivis successful the adjacent 2 years, successful presumption of institution size (number of employees), revenue, and growth?

We are driving connected 12% steep maturation and program to accelerate it successful the 2nd fractional of the year. In the adjacent 2 years, we are aiming to enroll 500+ employees connected the payroll. And successful presumption of growth, we are considerably aiming astatine a gross turnover of Rs 4,000 crore successful 2021 and Rs 9,000 crore successful 2022.

When are you expecting to interruption even?

We expect our break-even by July 2022 with a turnover of implicit Rs 200 crore. We could person achieved break-even overmuch earlier but owed to Covid-19 things got dilatory aft the lockdown.