AccessPay touches down in India to help accelerate financial inclusion

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As the Indian government strives to become more financially inclusive, payment automation firm AccessPay has opened its first sales office in Kolkata to capitalise on the nation’s huge potential for growth.

 

Financial inclusion

India is currently going through a number of legal and technological changes in order to be at the forefront of financial innovation.

In August Payment Eye reported that the Reserve Bank of India gave ‘in-principal’ approval for the creation of 11 new payment banks, allowing many Indian citizens the chance to gain a bank account and access to financial services for the very first time.

The Indian government has also been trying to promote a cashless society in the country, offering merchants a tax rebate if they use more electronic payment methods.

There have been some setbacks in the country’s attempts to set up commercial partnerships. In September, Payment Eye reported that Visa has scrapped its joint mobile payments venture with banking platform Monitise, as Indian telecommunication companies refused to share their networks.

 

‘Potential opportunities’

With payment technology being so openly promoted in India, AccessPay execs feel that their new Kolkata office is a fine way in to ‘promote their real-time payments offering.’

AccessPay is targeting local corporates that are looking to reduce costs and ‘non banks’ that are seeking to find an improved end-to-end payment service.

‘‘The Indian sales office will support AccessPay’s efforts as it grows and strengthens its position in the evolving Indian financial services sector,’’ explained Shabs Moiyed, chief technology officer at AccessPay.

‘‘We are very excited about the potential opportunities the Indian market will offer us, particularly around our ability to offer real-time payment solutions for non-banks looking to enter the market.’’

The payments firm has shown its intent to become one of the most innovative financial service companies in recent months, having become one of only eight providers to secure its commitment to the Faster Payments New Access Model.

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