Shift to digital payments pushes SafexPay growth outlook
Mumbai-based Fintech start-up SafexPay, which is into providing online payments solutions, has mapped the impact of Covid-19 and lockdown as seen through a year-on-year change in digital payments. The pandemic gave a huge boost to B2B fintech company, seen in the 10X increase in the number of transactions and 5X increase in outflow across the SafexPay platform, year-on-year.
With customers moving to digital payments, owing to convenience and safety, SafexPay saw a huge spike in digital transactions. "The impact of the pandemic was seen across different industries. It has brought a rapid shift in the adoption of digital payments, pushing banks and different financial organizations to modernize and digitize their digital payments. This was a boon for our business and we managed to onboard more than 1,00,000+ merchants in this pandemic. This booster scaled up our business to 600 per cent revenue post-Covid-19. We are confident that we will be able to positively impact millions of more businesses in the new fiscal with our range of existing and upcoming fintech products," said Ravi Gupta, founder, and director,SafexPay.
Gupta added that "seamless digital payments platform is a way of life for our prospects and customers, especially in light of the pandemic. We as a company are committed to enhancing our digital modes or platforms for a better customer and user-friendly experience."
The start-up, which has already embarked on its journey in the international markets of UAE, Saudi Arabia and Africa, will soon be hitting Qatar, Europe and Egypt with its White Label Payment Gateway product. SafexPay, which is a pioneer in offering white label platforms, white-label neo-banking platforms, white label QR Code management tools, Payout API, and customized payment solutions to fintech companies, banks, IT companies and enterprises across the world and competes with the likes of Payments, Traknpay, FSS, NiYo and many more is expecting to reach four to five billion transactions in the coming year. SafexPay hiring process has been going on even amid the lockdown, and it has on boarded 80+ people in the last six months. The company expects to strengthen its team by 200+ members by the end of FY22. The company has also seen the highest transactions coming in from metro and tier two cities of all online transactions. With a comparison of pre and post-pandemic, the company has seen a re-covering in the e-commerce, ed-tech, gaming, housing, and healthcare sector based on the online transaction where else travel sector hasn't seen any recovery.