Payments banks cashing in on demonetisation and moving towards digital cash

Payments banks are upbeat after the government’s announcement of demonetisation of Rs 500 and Rs 1,000 notes, as they feel this move will definitely improve the digital payments system in the country. Founded in 2006, FINO PayTech is a financial inclusion software solutions and services company.

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“Post the introduction of new notes too, there will be less availability of cash for customers prompting a shift to digital channels for making payments. From this perspective, entities that are involved in electronic payments such as banks, wallets and card issuers, will benefit. Going forward, this will only get strengthened,” says FINO PayTech CEO and MD Rishi Gupta. A payments technology company, FINO PayTech has received the RBI’s in-principle approval to start a payments bank.

FINO PayTech has ICICI Bank and BPCL as investors and partners. It also has the largest private equity firms globally — Blackstone and IFC — as investors. The company is in the process of getting regulatory approvals for new investors. Once they are in place, we will apply for a formal banking licence. Post that, it will take us two to three months to launch.

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