Does your milk vendor come to collect the monthly bill every time you plan to go out somewhere? or is your tailor insisting you pay the stitching charges in cash every time? Soon, all of this may change.
From your newspaper and milk vendor to your neighborhood woman who stitches your cloth, service providers may soon fire messages with payment links from the comfort of their place.
Eyeing the next billion users, Ippopay, a Chennai-based payment aggregator is launching a suite of payment products ranging from UPI payment gateway to subscription services focused on small businesses, gig workers, homepreneurs, and freelancers in tier-2 and tier-3 parts of Tamil Nadu.
“From milk vendor to newspaper agents and housekeeping services, the entire subscription industry in tier-2 and tier-3 areas are functioning on cash or cheque payments. We would like to change that and save them from the hassle of depositing cheques or visiting each of their customers’ houses every month to collect money,” said Mohan K, Co-Founder and CEO, IppoPay.
“We are providing an android based application (also available in Tamil), where a milk vendor, for instance, can enter the bill amount and generate a payment link which will be sent to the customers in the form of WhatsApp or message,” he added.
Ippopay currently offers payment gateway solutions to small businesses. It is the process of launching a UPI payment acceptance app with dynamic QR code for small retail stores followed by subscription services to enable small businesses, milk vendors, newspaper agents, tailors, freelancers and homepreneurs to manage their bill collection effectively.
The fledgling start-up has already processed transactions worth over ₹20 crore in November and on track to reach ₹30 crore in December through its payment gateway. “Our target is to cross ₹100 crore worth of transactions in the next five months and then expand our products to other states eventually,” Mohan said.
He also added that the bootstrapped start-up is already in talks with several local investors and big venture capitalists (VCs) to raise about $1 million as seed funding to augment its growth plans.