Bengaluru: ftcash, a Mumbai based mobile payments and loans startup, ties-up with ICICI bank to launch Unified Payment Interface (UPI) to more than 5,000 merchants. The UPI launch will now make the users’ life easy by allowing them to pay a newspaper or a vegetable vendor who sells on the roadside. In February 2015, the National Payments Corporation of India (NPCI) had started working on UPI and later announced its launch this year in April. UPI builds on the Immediate Payment Service (IMPS) and is used by many banks transfer cash in real-time.
Commenting on the occasion, Sanjeev Chandak, CEO, ftcash, asserts, “Open architecture allows us to provide multiple payment option to the customers. With UPI integrated in association with ICICI, we are able to provide flexibility to our 5,000+ merchants to accept electronic payments at a lower cost and better convenience. ftcash aims to empower 60+ million micro-merchants such as milk vendors, newspaper agents, kirana stores, and many others, with the power of digital payments and loans. With the potential ease of use provided by the UPI platform, digital payments may finally be adopted in a big way in India”.
Backed by IvyCap Ventures, ftcash was founded in 2015 by Sanjeev, Vaibhav Lodha (Founder) and Deepa Kothari (Founder). It is a virtual POS for micro-merchants to accept payments through credit cards, debit cards and wallets like Mobikwik, PayPal and Freecharge. The company enables the power of electronic payments and loans to entrepreneurs and micro merchants with no monthly rentals and zero upfront cost. ftcash was first launched in Powai and later expanded to Mumbai, after acquiring over 1,000 merchants such as travel agents, milkman, coaching institutes, newspaper agents and many more.
“ftcash’s focus on small merchants who do not have adequate ways to get payments despite follow-ups or create credit history, has made them a pioneer in the fintech industry. They continue to solve the real needs of their target segments, and have expanded into the less addressed credit market for small merchants. Enabling UPI on their platform will add to the already comprehensive payment solutions that they offer. We will continue to support them to scale their business,” concludes Vikram Gupta, Founder & Managing Partner, IvyCap.