BillDesk in expansion mode - CIOL News Reports

BillDesk in expansion mode

The electronic payment service provider is looking at tapping m-commerce and other virgin channels of payment in India

Saturday, August 18, 2007

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The company was likely to extend further into the money-transfer market with emphasis on domestic transfers.

“We already have a pipe set for corporates for dividends, agent payments and electronic disbursement to vendors,” Srinivasu stated. “Here we want to package one aggregated platform for central hosting, sorting, clearing and single reconciliation of information.”

Other areas of interest were expansion into the remittance terrain that would include dividends, commission and payouts. Plans were on to extend the collection market from 60 to 100 cities.

Srinivasu added that once a pipe was set, then cost, speed and relevance to market were the only factors that decide in favour of a new vertical. “One just needs to evolve a process around it.”

The company currently covered vertical markets such as banking, telecom, insurance, utilities and financial services.

BillDesk claimed a roster of over 30 banks and about 100 billers as customers through whom it was facilitating over 70 per cent of all online bill payments in India.

“Electronic payments in India are growing at a phenomenal rate with 4.6 million people banking online currently with an expected growth to 16 million by the end of 2007-`08. BillDesk was operating as a neutral service bureau aggregating multiple banks, billing companies and other corporations onto a common standards-based platform for delivering electronic payments and collection services across multiple electronic channels.”

Its clientele included SBI, Citibank, HDFC Bank, LIC, BSNL, Hutchison-Essar, Franklin Templeton and Reliance Infocomm, Airtel, Tata Teleservices, and Reliance Energy besides an exclusive arrangement with Visa.

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