MaxWholesale – The newest kid with its own UPI Handle

 

 

            MaxPe is the brand name of Maxwholesale’s UPI handle.

(+) MaxPe: Payments with UPI

MaxWholesale went live on March ,2021 under SDK model with HSBC

Q: What is UPI SDK Model?

Ans: NPCI provides an SDK to all PSPs on UPI network to enable them to provide a consumer facing application which can be built using the SDK.

This is an intent flow wherein the end customer can complete the payment within the merchant app itself without being redirected to the UPI app on the mobile device.

This is particularly useful when the merchant’s want’s customers to experience a seamless payment experience while safeguarding your brand identity.

Normally, when the customer clicks on the UPI Pay button, in the merchant app/website, the customer is shown the most popular UPI Apps or an option to key in his/her UPI ID.

This means the customer to move out of the primary merchant app to the UPI Payment app. This adds friction to the whole shopping experience. And, also increases the overall TAT to complete the transaction.

The UPI SDK model reduces the check-out friction for end customers and increases the successful conversion rate.

One of the drawbacks under UPI SDK model, is the dependency on one bank only. Technical issues with the sponsor bank payment channel will lead to high failure cases.

One way out is to display other UPI apps payment buttons too or provide the option to key in manually an UPI VPA.

 

MaxWholesale is a wholesale platform for General Trade (GT) Kirana retail stores to buy inventory.

MaxWholesale current sphere is currently limited to Delhi NCR and Chandigarh area.

Earlier in 2020, MaxWholesale had raised $3 Mn in a Series A funding round led by Indian Angel Network (IAN) Fund I and Abu Dhabi-based private family office Al Falaj Investment Company (AFI).

 

Through MaxPe, MaxWholesale intends to reduce the checkout time for its customers. In the long run, MaxWholesale plans to opens its kirana store ecosystem to non-banking financing companies’ (NBFC) lenders.

The icing on the cake will be when MaxWholesale integrated BBPS into MaxPe. This will enable its merchants to pay all their utility bills via MaxPe directly. The utility bills data can be an excellent alternate data point for NBFCs lenders.