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.