Edited excerpts from the interview:
Tell us more about your business and the product…
We are in the business of selling prepaid payment cards across India. Our brand EZspend is a multipurpose card that can be used on the MasterCard network across India to make payments at physical locations and for online payments.
We have recently launched this product line in association with YES BANK and MasterCard in the Delhi and the NCR (National Capital Region). We have a plan of achieving a target of one-lakh customers over the next one year.
What are your observations about the banking sector in India?
The banking sector is a great opportunity segment. One out of three Indians have access to banks -- this data indicates a huge scope for opportunity. The government of India is also very aggressive towards financial inclusion. Only 200 million Indians have a credit card or a debit card and 400 million Indians have the potential of having a bank account, but they do not have any. This data indicates a huge gap between banks and consumers. As a small company, we have been trying to bridge this gap in urban cities. We have already made a start but we have a long way to go.
According to you, what is the main reason for such gap?
The main reason for this kind of unbaked Indian population is the fact that people have not been able to match the bank’s requirements with regards to documentations. Before launching our product and services, we did a survey in Delhi and Mumbai. We approached people who do not have bank accounts and we categorised them according to their income levels and buying patterns. We found that most of our respondents gave us an idea that they do not want to go to banks because they think that their documentations will not fulfil the bank’s requirement.
What is your go-to-market strategy?
As of now, we are present in Delhi and the NCR market. We have just launched our product. We are approaching our potential customers through shopping malls and public places like cinemas in order to interact with them and educate them about this new product. For us it is very important that people should be made aware that, without much paper work, prepaid payment cards are a great option for them to shop online.
What are your plans for the next 12 months?
We would like to bring on board one lakh consumers. We will be foraying into newer geographies other than the Delhi NCR region. As of now, Yes Bank is our banking partner for the Delhi NCR region. We are also looking at partnerships with banking organizations for new geographies.