By Chennai-based fintech startup IppoPay is a payments aggregator that enables small businesses, SMEs, freelancers, and homepreneurs in Tier II, III, and rural areas to collect payments with its POS software.
The digital economy has led to a spurt in fintech startups that facilitate payments, lending, insurance, and personal finance management. Paytm, PhonePe, Mobikwik, Razorpay, Google Pay, and PayU have taken center stage as they drive India’s fintech boom.
But a few companies are eyeing the next billion users and trying to bridge the gap in non-metro cities and rural areas. Enter Chennai-based IppoPay, a payment aggregator that lets businesses collect and accept payments from customers.
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“Ippo in Tamil means NOW. So IppoPay means Pay Now,” says Mohan K, Co-Founder, and CEO of Chennai-based IppoPay.
Mohan explains that the fintech platform lets businesses accept payments via its POS software. It also helps businesses to get invoices along with statistics on business, engagement with customers, and more.
IppoPay needs no payment terminal, POS, or swiping machine. Merchants can generate QR codes using their mobile app.
“The problem with other popular payment options is that there is no business book record. IppoPay lets businesses manage payments, track payment details, and send a payment link via SMS/email to customers.
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“Our platform can also be used to manage subscriptions, automate recurring billing, and get notified for all payment-related activities. There is no setup fee; we have a flat unit pricing model,” Mohan says.
The founder adds that most payment aggregators focusing on APIs and small-scale entrepreneurs are not adequately acquainted with the process of virtual transactions and find technology integration overwhelming.
“IppoPay directly targets merchants and vendors, exposing them to digital payments with its simple, user-friendly interface,” he adds.
The founder claims that the platform has done transactions to the tune of Rs 1 crore within two months of launch. It is seeing month-on-month growth of 40 percent, with the pandemic “only adding to growth rather than impacting it negatively”.
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