TechProcess targets 1 billion GTV a day from Government merchants
TechProcess Payments Services is set to target Gross Transaction Value of one billion a day from Government merchants. The company has tied up with more than 700 Government entities and plans to expand their reach by tying up with approximately 1,200 entities' across India.
TechProcess is a complete platform which provides solutions to its customer’s right from the most secure integration to offering the widest and most comprehensive payment options. It also provides integration for poor internet speeds, collection, processing, settlement and refunds. It aims to bring on-board as many government merchants as possible, through tie- ups with banks, direct sales, integration with mobile apps, appoint agents for bill payment centers and ASP Partnerships.
The GTV processed in FY 15-16 was Rs.24.55 billion/month and the GTV for FY16-17 is targeted at Rs.30 billion/month which equals to Rs.1 billion per day. With increase in digitization and use of technology, India will soon transform from a data-poor to data-rich country. Initiatives like Bharat-based payment system will help in data streaming and will bring digitization to maximum and help in emerging as a global power.
Kumar Karpe, CEO, TechProcess, said, "This generation has a strong appetite for new technologies and has helped in transforming digital solutions from being a convenient option to a necessity. We are focusing to take a leap in digitizing payments whilst providing a secure, robust and seamless payment transaction process. With a large customer base and a wide geographical spread, our association with Government organizations will increase the number of transactions and boost the current market potential for the e-payments industry in India."
Recently, the Indian Government announced that it will bear the merchant discount rate (MDR) on all payments made to it through debit or credit cards and net banking. The move is set to address the card acceptance challenge of consumers at merchant outlets and bring digital payments on par with cash, thus facilitating customer convenience. This will expand financial access and inclusion; expand the tax base through formalizing MSMEs and possible reduction of leakage, thus leading to an increase in the overall economic output and social welfare.
TechProcess Payment Services has been an industry pioneer in bill payments since 2000, BillJuntion.com and will soon launch a mobile app for customers.