Business
Benow enables local kiranas, vegetable vendors, and other small merchants to accept digital payments through BHIM and UPI powered by YES BANK
Benow enrolls 1000+ merchants in Mumbai. Expanding now to more cities.
Mumbai, April 12, 2017: The Benow digital payments platform is empowering hundreds of local merchants across Mumbai to accept hassle-free digital payments through BHIM & other UPI apps. Named as ‘BHIM-Enablement Service’, this is a cost-effective and secure method of accepting payments directly into the merchant’s bank account, eliminating the issue of dealing with cash on a day-to-day basis.
The Benow digital payments platform and apps are powered by YES BANK’s UPI systems which allow seamless payments and convenience to the user. The service is also integrated closely with the Bank’s API Banking which allows for easy reconciliation and integration with Benow and their merchants.
While BHIM and other UPI apps have run up millions of transactions for Peer to Peer payments, merchant payments still constitute only a small proportion. Since merchant payments involve setting up a nodal account, collecting MDR, supporting disputes and complaints, Benow fulfils a distinct need in the market not addressed by other players – especially in the case of small, neighbourhood merchants. With local merchants contributing to a significant proportion of the 100 crore daily cash transactions that happen across India, Benow intends to contribute to the 2500 crore digital transaction target set up by the Government for FY 2017-18.
Within 72 hours of signing up for Benow’s BHIM Enablement Service, each merchant is activated with their unique VPA (Virtual Payment address) and a QR code – which on being scanned by the customer through the BHIM app or any bank’s UPI app allows them to make payments directly into the merchant’s bank account. The merchant can operate this service even with just a feature phone. A full function merchant console to review complete payment history, generate dynamic QR codes and send collect requests can work on the merchant’s PC, tab or smartphone. The Benow service provides training, settlement support, hand holding and dispute resolution services, helping small merchants transition effectively to accepting digital payments.
The Benow platform will soon be available in many other cities across India, as the company scales up its nationwide presence.
Mr. Sudhakar Ram, Founder & CEO, Benow says, “We believe that NPCI and the Government have taken significant steps in accelerating digital payments through BHIM and UPI services. The customer response to BHIM has been overwhelming. Independent players like us, with the sponsorship of partner friendly banks like YES Bank, will now step up the merchant base to accelerate merchant payments through UPI. The initial response of merchants in Mumbai has been very encouraging and we are now ready to scale up this service”.
Mr. A. P Hota, Managing Director & CEO, NPCI adds, “Having created the UPI backbone, we are happy that independent players like Benow have stepped in, with the support of partner banks, to deliver innovative products and services to expand usage of digital payments across various segments. I am happy that Benow is focusing in the local merchant segment which has the maximum number of cash transactions today. By providing the service that can empower these small merchants to effortlessly accept payments through BHIM and other UPI platforms, Benow can play an important role in expanding digital payments in the country.”
Mr. Ritesh Pai, Senior President & Country Head, Yes Bank, adds, “At YES BANK, we believe that partnerships with innovative, independent players is the way to accelerate adoption of digital technologies in India. YES BANK was the 1st Bank to focus on enabling Person-to-Merchant transactions on UPI and we are glad to extend this with partnership with Benow, whose focus on local, neighbourhood merchants makes them unique in creating a platform for daily needs purchases to go cashless – enabling kiranas, vegetable vendors, and, small restaurants and food stalls to accept digital payments from their customers.”
Incubated by software services firm, Mastek, Benow is run by Mastek co-Founder and ex-CEO, Sudhakar Ram. The company’s world class team of co-Founders brings in expertise from various industries such as retail channels, payments, banking and technology. Benow was one of 21 successful start-ups (among more than a 1000 applicants) that was mentored under Reliance’s GenNext Scalerator programme.