Ezetap, a digital payments leader, has joined hands with Axis Bank, who has been at the forefront of driving innovation in retail acquiring, to introduce the latest offering My Vyappar to retail businesses in India. Through My Vyappar, Axis Bank will introduce a host of services enabling effective digital payments management for merchants across the country. As part of the partnership, over 50,000 smart POS devices have already been deployed with My Vyappar across 1600+ cities.
The medium and small-sized retailers of the country have been at a financial disadvantage to compete against the large businesses. The pandemic worsened the situation further as the sales plummeted and customers shifted to digital mode of transactions owing to the fear of contracting the virus. There was a significant movement from cash to digital payments with an increasing number of Indian businesses accelerating their digital transformation journey. While India surpassed the world with an astonishing 25 billion real-time online transactions in 2020, the relatively smaller merchants didn’t have the bandwidth or budget to pivot as quickly as large businesses.
Through My Vyappar, Axis Bank brings in a wide array of attributes curated specifically for the retail segment in India. My Vyappar offers a full suite of Buy Now Pay Later (BNPL) options that can boost revenue. EMI facilities would be available for ticket sizes as small as even INR 3000. The app also aims at motivating the merchants to increase the use of digital payments, by incentivizing them with exciting rewards, upon achieving bank goals. My Vyappar app provides businesses with a single view of all credit transactions that can be accessed anytime anywhere. This would help merchants to go paperless and access their digital records even at home.
My Vyappar also provides the much-needed multilingual capability by adding Hindi as an additional language to help retailers understand digital payments better and speed up their tech adoption. To ensure a seamless user experience for merchants, My Vyappar app offers a simplified interface, similar to existing mobile platforms. To make retailers more agile and flexible with digital payments, the app ensures complete handholding in the form of in-app training. It also establishes a direct channel through which banks can communicate directly with merchants and offer personalized plans including loan options and reward schemes.
Speaking about the role of My Vyappar in improving digital payment adoption, Byas Nambisan, Chief Executive Officer, Ezetap, said, “We, at Ezetap, took a deep look at the pain-points of the merchants using digital payments and were determined to solve the challenges that still limit the business benefits of adopting the digital route. Through My Vyappar app, we aim to solve these issues while providing the merchants with effective ways to expand their businesses. With all its features including in-built training and support functions, we are confident that the app will provide the much-needed efficiency in managing and tracking digital payments. This also serves as a testament to our commitment to provide innovative solutions to simplify digital payments for banks as well as businesses.”
Commenting on the association, Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank, said, “We have been continuously working on partnership led models & digital solutions to expand our offerings to the merchant community. In this endeavour, we are delighted to join hands with Ezetap to bring My Vyappar app for our retail merchant customers. The app would empower our customers to be more flexible and agile with digital payments thereby aiding their business growth. While adoption of digital payments has improved in the country in recent times, there has been much scope for improvement and simplification. My Vyappar app addresses all these gaps and will prove to be highly beneficial not only for the merchants, but also for us in improving our communication and engagement with our customers from the merchant community.”
Currently, Ezetap hosts about 3 lakh merchants on their platform. The company expects this base to grow by about 70 percent over the course of the year with My Vyappar being a critical element to aid that growth.
At Ezetap, veterans from the payments, hardware, cloud, and SaaS industries have joined hands for the sole purpose of ushering in a new era of a frictionless digital payment ecosystem in India. Ezetap has deployed over 3,00,000 smart service points on its platform with customers ranging from brick-and-mortar retailers, e-commerce players, leading enterprises, and financial inclusion organizations. Ezetap processes over US$5 billion annually and has been ranked thrice in a row by CNBC in their Global Top 50 Disruptor List. Having raised $51 million in funding, investors include Social Capital, the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Helion Advisors, American Express, Li Ka-Shing’s Horizons Ventures, JS Capital (Jonathan Soros), and Prime Venture Partners.
Axis Bank is the third-largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,600 domestic branches (including extension counters) and 11,061 ATMs across the country as on 30th June 2021, the network of Axis Bank spreads across 2,628 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
Source: Economic Times