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Follow UsBANGALORE, INDIA: Even though in India about seventy per cent of online transactions are done by TechProcess, only 25 percent of them are carried out electronically so far. The major chunk of the transactions is dealt in the traditional mode even today,” said Bikramjit Sen, CEO TechProcess Solutions Ltd, (TPSL).
In an era when people are becoming more and more tech savvy, TechProcess pioneered a neutral platform for online transfer, ECS (Electronic Clearance Service). Thus this opens up newer vistas for distributors as well as the industry to do business on a larger frame.
“When TechProcess took off only 12 percent of transactions were being carried out electronically but today it has risen to 25 percent”, he added.
A major achievement in this regard it is still slow the reason being that ECS is relatively a novel technology and the technical infrastructure is yet to catch up in rural areas. Today TPSL is constricted to metros and have penetration in just 70 towns and cities, as listed by the RBI.
Though still low in comparison with the developed nations, where 95-97 percent of the transactions are dealt electronically, it is in itself an indication that Indian market is ready to accommodate the new mode of transfer.
“Future percolation will depend upon customer awareness and infrastructure availability and RBI is working in this regard. Only when the industry and regulators start thinking on the lines of an alternate technology will it be a success”, Sen opined.
TPSL commands substantial market share in the transaction processing industry in India. It has 100 percent share in the telecom vertical, 70 percent in the insurance domain, 80 percent in the mutual fund vertical and 33 percent in the EMI segment.
"India is an emerging market for electronic transfer and ECS will revolutionize the market scenario in the coming years with an estimated 40-45 percent of the transfers done electronically then. There is a huge potential for electronic transfer in the next 5-7 years", averred Bikramjit.