airpay, an integrated omnichannel financial services platform, plans to double its airpay vyaapaaris presence to over ten lakhs by next year.
airpay vyaapaaris (traders) offer banking and formal financial services to over 3.5 million under served consumers across 5,700 villages, 533 districts and 37 states and union territories.
It is built around three pillars prioritising vyaapaari needs, including revenue enhancement, business management and collection.
Launched in May 2020, airpay intends to empower 600 million underserved population going forward
Kunal Jhunjhunwala, Founder and Managing Director, airpay, said, the JAM (Jan Dhan-Aadhaar-Mobile) trinity's success has resulted in every citizen opening a bank account, but a majority does not know how to benefit from them.
"We are empowering a new breed of micro-entrepreneurs and self-reliant business owners to provide formal financial products to them,” he added.
Its daily revenues are driven by transactions done via Micro-ATM, Money Transfer, AePS (Aadhar Enabled Payment System), and other financial products.
The platform streamlines vyaapaari business operations with Khata (account) management, working capital loans and tax compliance. The revenue collection pillar enables the vyaapaari to accept digital payments through UPI, Bharat QR and credit/debit cards.
With a decade of experience as a payment aggregator, the platform is used globally by consumers, businesses, banks and financial institutions. Its unique open architecture integrates seamlessly into the client’s ecosystem, offering real-time visibility of their transactions, advanced analytics and reporting.
The company collaborates with over 200 financial institutions and around 1,000 business partners worldwide.
The platform allows clients to move, store and give money across many touchpoints including web, mobile, call centre, IVR, email, SMS and face-to-face through over 100 financial instruments.