/Zenpay, RBL Bank join hands to digitize salary accounts for SMEs and MSMEs

Zenpay, RBL Bank join hands to digitize salary accounts for SMEs and MSMEs

Ankit-Bhargava

Fintech player Zenpay Solutions has entered into a partnership with RBL Bank and YAP to drive financial inclusion to issue salary cards to its customers across India.

The corporate expense and salary payment solution will help blue-collared employees working with SMEs and MSME to receive digital payments via a salary account. Zenpay will also offer customers with a digital salary card and mobile application, which will help them manage their finance efficiently with the help of the interactive dashboard.

Benefits of the partnership include instant activation, easy KYC, zero paperwork, salary card, and enhanced customer experience.

In a short span of time, Zenpay has benefitted 50,000+ customers across India by increasing their reach and targeted customers especially from the rural sectors who do not have access to banking services. Over the next six months, the company aims to expand their reach by creating 1,00,000 new customers across north India and plans to create a customer base of 1 million by 2021.

Ankit Bhargava, Founder and CEO, Zenpay, said, “Collaborating with RBL Bank has further helped us to build a trust factor in our customers. It is indeed a matter of pride for Zenpay to collaborate with one of the leading players of Indian banking sector and we do really hope that this will give us the impetus to achieve new heights. I have always been an advocate for Digital India initiative and I am sure that this tie-up will take India a step closer towards that.”

“Our target customers have been MSMEs who are still using mundane traditional methodologies such as cash distribution to process corporate expenses reimbursements for their employees. We saw a gap and quickly launched a solution that meets the needs of this segment, and help process the onboarding as expenses via digital channels. We are delivering this digital salary solution to various industrial areas and remote areas in the country to provide these blue-collared employees a digital salary account which can be seamlessly accessed through a card, a mobile app and web application,” Bhargava added.

Pushpendra Sharma, Head- Digital Payments and Acquiring, RBL Bank, said, “The MSME business has been a focus segment for RBL Bank, we have invested in robust technology platform and built a wide range of digital solutions to empower this segment. Our innovative solutions have helped build several partnerships over the years. We are delighted to partner with Zenpay and YAP to enable corporate expenses and salary payment solution for MSMEs.”

“Our API platform allows product companies like Zenpay to focus on their core capabilities while leaving the complexity of managing bank processes, technology to us. This partnership with Zenpay is special as it strives to put technology to good use for a segment that is most often considered sub-prime,” said Madhusudanan R, Co-founder, YAP.

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