Growing fintech industry offers a multitude of opportunities, says EnKash Co-Founder
Until recently, streamlining bill payments was a huge and painful task for businesses, especially for companies that have more than 3-4 offices. Most of the businesses relied on manual handling of bills and approval from the central office based on submitted paper copies, which often resulted in tedious tasks of tracking bills across offices, penalties for late payment or termination of services. To address these challenges, EnKash, a spending management company, introduced Bill Payment product that allows businesses to make multiple and bulk payments for utility bills with a single login to the platform. It also allows bill payments across different branches/offices at once, reducing working hours by almost 90 percent. The bill payment service comes with additional benefits such as improved process efficiency. “The fintech market in India is witnessing exponential growth mainly in the post-Covid phase. Noida, Pune, Bengaluru and Hyderabad have emerged as destinations for fintech investment. The fintech industry has grown into a $10 billion market de last five years.The Indian fintech market is estimated to reach a value of $150 billion by 2025, as it has thrown up a plethora of opportunities for old as well as new players, says Hemant Vishnoico-founder, EnKash, in an exclusive interview with Bizz Buzz
How big is the fast-growing fintech market in India? How does EnKash’s Bill Pay product differ from traditional payment methods for businesses?
The fintech market in India has seen significant growth in recent years, with a total investment of over $10 billion in the last five years. The Indian fintech market is expected to reach $150 billion by 2025. Pioneering Asia’s first and smartest expense management platform, EnKash has helped over 2,00,000 businesses digitize and decentralize their payments. Increasing numbers of businesses have trusted our platform for a frictionless payment experience. Recently, digital transformation has been recognized as a prerequisite for scaling up success.
Previously, to pay utility bills, companies had to manually send bills to headquarters and wait for approval at various levels to start the payment process. However, EnKash’s Bill Pay product is designed to make payments easy and efficient for businesses. It provides a single platform for businesses to manage all their utility bill payments, including electricity, water, gas, telephone, internet, etc., all in one place. In addition to this, the platform provides real-time updates and alerts so businesses can stay on top of their bills and avoid late fees or penalties. The platform also provides detailed analytics and reporting, giving businesses a clear view of their spend and helping them identify areas for cost savings.
What are the emerging trends in payment methods mainly in the post-demonetisation and Covid-19 phase?
The post-demonetisation and Covid-19 phases have accelerated the shift towards digital payments and contactless transactions in India. While demonetisation led to a significant shift towards consumer payments, Covid-19 actually positively impacted both consumer and B2B payments.
The companies that depended on manual processes from PO generation to payments started digital adoption to bring savings, operational efficiency and faster collection or payment. Most importantly, Covid-19 led to a major shift in mindset and change in habits of how back office operations were managed in any company. In the past, many companies that considered digital transformation as a cost now have it as an integral part of their processes. The B2B ecosystem has also begun to change rapidly. Earlier digital purchases were minimal, but now B2B e-commerce is developing rapidly. Today, businesses can access all services online like legal services, compliance, software, etc. and also procure goods through digital channels. Some of the significant changes are also around payment instruments that companies use. As the past was dominated by cheques, cash and bank transfers as a dominant method of payment, business cards are being adopted more quickly. The unique thing about corporate cards is that they can provide control, visibility and transparency that is not possible in any other payment instrument.
What are the specific types of usage payments you have to help businesses manage more efficiently?
As mentioned earlier, EnKash’s Bill Pay product offers a complete package of utility payments, including electricity, water, gas, phone, internet, etc., all from a single dashboard. Businesses are now able to manage all invoices from a single dashboard, whereas previously they used to juggle between multiple invoice issuers and manage them manually, which was a cumbersome process. EnKash’s Bill Pay product offers businesses to add billers, get reminders and initiate a single payment for all office bills with a single click. In addition, the platform provides multiple users with a customized approval matrix with different layers, including Maker, Checker and Approver, enabling businesses to manage their expenses more efficiently and transparently.
How do you ensure the security and privacy of users and payment information, since there is a lot of talk about privacy from certain companies?
Ensuring security and privacy for our users and payment information is our priority. We have implemented strict security protocols and used advanced encryption technologies to protect our users and data. Our platform is PCI-DSS compliant, which is the highest standard for secure payment processing. We also conduct regular security audits and assessments to ensure our platform is up to date with the latest security standards.
How does the Bill Pay product integrate with other financial management software or systems that businesses may use?
The integration of the Bill Pay product with other financial management software or systems used by businesses depends on the specific ERP systems they use. There are three primary integration options available to businesses, these include- 1) Plug-in based integrations, which require the client to configure plug-ins and build integrations with different ERP systems; 2) Host-to-host connectivity via SFTP, enabling more streamlined data transfer between systems; and, 3) Direct API integrations, which provide a more seamless and efficient connection between Bill Pay and other financial management systems. Ultimately, the choice of integration method will depend on the specific needs and requirements of the business, as well as the compatibility of their ERP systems with each option.
What kind of customer support do you think is required in the technology-driven world?
In today’s technology-driven world, customers expect fast and efficient customer support. They want to be able to get help quickly and easily, whether they use a website, mobile app or other digital platform. To meet these expectations, companies must offer multiple channels for support, including phone, email, chat and social media. They also need to ensure that their support staff are knowledgeable, courteous and able to resolve issues quickly.
We provide timely customer support where we offer assistance via telephone or e-mail, and our support personnel are highly trained and knowledgeable in all areas of financial management and payment processing. In addition to this, we offer dedicated account managers to ensure our customers receive personal service and support. Our self-explanatory content, including FAQs, ensures our customers can find all the answers they need. Whether you need help with payments, using your corporate card, technical issues or general enquiries, our customer support team is always available to help via email or phone.
What specific measures are you taking to meet the needs of medium and large companies in terms of efficiency and cost savings?
Medium to large companies have unique needs when it comes to financial management and payment processing. Today, most software and the majority of banks lack the experience and flexibility to handle their needs. By handling large transaction volumes quickly and efficiently, businesses must maintain a high level of accuracy and security. We offer a range of solutions designed specifically for medium to large companies, including our Bill Pay product, which provides a centralized platform to manage all utility bills. Our platform is super flexible and can be adapted to meet the ever-changing needs of businesses. This creates a solidly differentiated offer from our side compared to any older software or banking service that the company can use. In addition to this, we offer tailor-made accounts payable and debiting solutions tailored to the specific needs of medium to large companies.
What are your long-term goals for expanding your services beyond Bill Pay?
At EnKash, we are committed to expanding our services to provide our corporate customers with a one-stop all-inclusive platform for their financial and non-financial needs. We currently offer business card solutions – credit, prepaid and gift cards and we will continue to innovate in this area to meet the evolving needs of businesses. This is supported by an intuitive customer card management module that provides a do-it-yourself environment for any company to manage the cards and related card expenses themselves.
In the near future, we aim to provide end-to-end and deeply integrated Accounts Payable (AP) and Accounts Receivable (AR) product solutions, which provide businesses with a seamless and efficient way to manage their financial processes. This will include solutions for invoice management, payment processing and cash flow optimization, among other services. Our goal is to provide our customers with a complete suite of financial operating systems that simplify their operations and help them achieve their business goals.
Can you talk about any recent partnerships or collaborations EnKash has formed to enhance its offerings?
At EnKash, we have formed several partnerships and collaborations to improve our offerings and provide added value to our customers.
Please elaborate on where you stand now and your plans to expand your customer base over the next few years…
Currently, EnKash serves over 2,00,000 businesses across India, including some of the largest companies in the country. Our goal is to double our customer base in the next couple of months. Over the next few months, we plan to expand our customer base by targeting medium to large companies across a range of industries, including manufacturing, retail, healthcare and education. We will also continue to invest in new products and features, as well as partnerships and collaborations, to improve our offerings and provide added value to our customers.
