#Fintech: Zenpay Digitalises Salary Accounts For SMBs
The company aims to acquire 10L new customers in the next 2 ½ years and process over 5000 Cr transactions
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Zenpay is a fintech organisation with the capability of providing inclusive banking services to the 250 million unbanked, blue-collared workers in India. We use Prepaid instruments along with banking tie-ups and our in-house technology to provide digital salary accounts to organisations such as manpower suppliers where the average salary of the organisation is below INR 20,000 as large-scale banks are unable to provide accounts to this category. Zenpay can provide these services at extremely optimised costs. Not only are we able to recover the costs of acquisition but are also able to generate a signification profit from the customer. This could only be possible with the digital banking solution we are providing as there is no need for physical infrastructure to cater to the customers.
What are the unique key points (USPs) of your company?
Zenpay’s corporate Portal helps the contractors in maintaining the data of its blue collared employees in a systematic manner wherein the contractor gets the following benefits:
Work location management: - Can easily access employees' data by work location (it’s Zenpay’s unique selling proposition).
Data management: It has a comprehensive data management tool helping the Corporate maintain and manage its employee's accounts.
Bulk Salary Processing: The contractor can process the salaries with a single click at any given point in time without any cost.
Ease of use: The portal is very user friendly for the Contractor’s head office employees such as data entry manager, salary processor, factory manager etc.
Ease of use for blue-collared employee
How are you different from the existing competitors?
Zenpay’s primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but providing options of various financial products which inculcate a long-term saving habit.
Zenpay uses its in-house sales force to onboard the customers vis-à-vis DSA model used by the competitors. This will result in higher customer engagement and in turn customer satisfaction and the ability to cross-sell other services.
Zenpay’s corporate portal allows the corporate to centrally process the salaries of its blue-collared employees based in various locations.
Zenpay’s corporate portal acts as a dedicated mini branch - the corporate can solve their employee’s account-related issues directly rather than the old way of contacting the bank to resolve their issues. Contractors can solve employee-related issues such as account statement generation, passbook generation, and locking/blocking lost cards. Additionally, the Contractors can manage their account/account statement. This allows Zenpay to provide a superior and distinct service standard as compared to competitors.
What is the monetization model?
•Card Activation Charges
•Financial Transaction Charges
•Non-Financial Transaction Charges
How do you look at expansion?
Our Aim is to expand operations to over 20 states in India while acquiring 10 lakh new customers in the next 2 ½ years and process over 5000cr+ of transactions. We also plan to provide with all the digital banking services to our customers on our app.
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