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.  

 

 

 

 

Interbank Mobile Payment Service (IMPS) – India’s own 24/7, 365days Money Transfer option

HSBC India, has become the first foreign bank in India to offer ‘Person to Merchant’ (P2M) cash management tool, tailored on IMPS to its corporate customers.

As readers are award, through IMPS customers can transfer funds from one bank account to another using mobile. The mobile is the delivery channel.

There are two options in IMPS ‘Person to Person’ (P2P) or ‘Person to Merchant’ (P2M).

Opting for the latter, HSBC India has now become the first foreign bank in the country to offer P2M service.

Banks are now slowly waking up to the benefits of IMPS as a Cash Management tool. IMPS is relevant across many industry sectors including FMCG, Insurance, Mutual Funds, Retail, E-Commerce, Entertainment and Education.

The IMPS mode enables consumers, investors, retailers, dealers and franchises to effect payments in a fast, convenient and cost effective manner, minimizing the risks involved associated with other existing modes such as cash and checks.

The major benefit for Corporates in IMPS is the real time information on credit via email and SMS alerts. Plus as IMPS works round the clock, 365days a year, funds can be transferred any time, without the limitations of branch banking.

IMPS is a payments platform that allows customers to use mobile technology as a channel for accessing their bank accounts and initiate interbank fund transfers in a fast, secure manner. Transfers can be 'Person to Person' (P2P) or 'Person to Merchant' (P2M). HSBC has launched the Person to Merchant Payments segment today and is the first foreign bank in India to do so.

To make a payment, the customer has to enter beneficiary’s Mobile Money Identifier (MMID) - (which will be provided by the beneficiary bank as a part of the setup process), the beneficiary’s mobile number, the amount he/she wishes to transfer and the payment reference like bill, invoice or transaction number. Bill, Invoice or transaction number is an additional feature in the P2M mode, as each payment has to be tagged to a bill, invoice or transaction number for future references.

A separate IT Application might be required for P2M IMPS transactions, as an additional field i.e. bill, invoice or transaction number will be part of the transaction.