B2B Payments

Happay Taps Into India’s SME Card Demand Surge

Shutterstock

India B2B payments firm Happay is now looking to accelerate the time it takes to onboard SMEs to its platform.

The company revealed Friday (Nov. 18) that it rolled out its Express On-boarding Program for small businesses in the nation aimed to help SMEs more quickly use Happay services. The accelerated tool means small businesses can register and receive a working credit card in only a few days.

The move keeps in mind the ongoing financial crunch that SMEs are facing today in India, especially since the demonetization of high-value notes earlier this month. The demonetization means SMEs can no longer use those notes to pay suppliers or staff, and according to Happay COO and Cofounder Varun Rathi, it’s also led to a surge in demand for small business card solutions.

In the past three days, the sudden spike in the number of card orders and activations has kept my team on their toes ’round the clock,” he said in a statement. “We are trying to contribute to the cash cleansing drive by helping SMEs come on board Happay as fast as possible and continue their business operations smoothly without cash creating any bottlenecks.

Happay issues small business cards that can be used as an expense management tool, given to employees with a preset amount loaded on. In addition to digital payments and easier employee spend, the company said its solutions include more transparent tracking of corporate funds.

Last year, the company said it hit a key milestone, hitting the 500 mark for number of clients using its solutions. The firm said it would then seek up to $6 million in fresh funding from investors after already securing $500,000.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Click to comment

TRENDING RIGHT NOW