Driven by the ‘Cashless India’ theme, Royal Finserv has announced the launch of its UPI (unified payments interface) app ‘RoyalPe’ primarily targeted at the country’s rural and semi-urban markets.
The company is looking to aggressively market its new offering by creating a network of nearly a million merchants by March 2022, Royal Finserv CEO Aditya Srivastava said.
‘RoyalPe UPI ATM’ promises a seamless medium to withdraw money online directly from a bank account. In terms of the digital payments landscape, there was still a large underserved geography in India, which Royal Finserv plans to cater in the first phase, he added.
“We are proud to be taking part in Prime Minister Narendra Modi’s vision of ‘Cashless India’ through the launch of RoyalPe. As a financial services platform, RoyalPe unlocks the potential of open banking to deliver financial and processing benefits to merchants, and at the same time offers customers a simple, speedy, secure way to get cash,” he noted.
RoyalPe allows facilities such as 24x7 cash transactions, records of daily and monthly transactions, three-way collection features to facilitate cash withdrawal, daily and monthly earned commission statistics, along with other commonly used features.
The UPI app facilitates a maximum of 10 transactions to a merchant from his VPA (virtual payment address) per day. The service provider merchants can facilitate a maximum amount of Rs 100,000 per day from UPI.
“There is also a commission for the merchants for each cash payment made by them to a customer. They can earn up to Rs 2,000 per day via RoyalPe,” he added.
Moreover, RoyalPe will soon provide the facility to pay bills via Bharat Bill Pay, which offers a bouquet of customer services, thereby opening another income channel for the merchants to leverage the BBPS (Bharat Bill Payment System) for electricity, water and gas bill payment, Fastag recharge, school fee, loan EMI payment, insurance premium, municipal taxes etc.
RoyalPe has built its app in the API (application programming interface) of ICICI Bank.
Royal Finserv Consultants is a corporate channel partner with all the private, nationalised banks and non-banking financial companies (NBFCs). Royal Finserv currently operates more than 550 branches across India.