Safex plans to set up operations in Hyderabad
Hyderabad: SafexPay, a B2B2B fintech that offers its technology platform to banks, financial institutions and other clients, has plans to set up its operations in Hyderabad soon, according to its founder Ravi Gupta.
The Mumbai-based company firmed up it plans to be in Hyderabad last year but went slow due to the Covid situation. With the situation gradually improving, the company renewed its interest to be in Hyderabad, which already has emerged as a BFSI hub with more than 1.8 lakh people working in the segment in the city.
“We are already catering to select clients in Telangana. We want to be part of the fintech ecosystem of Hyderabad. We plan to be part of the T-Hub or similar ecosystem-enabling hubs in Hyderabad. Telangana could be the gateway to the company’s foray in Karnataka and Andhra Pradesh,” Gupta told Telangana Today.
The company offers payment gateway solutions, white-label payment gateways, white-label neo-banking platforms, white-label QR code management tools, payout API, and customised payment solutions. “More than 1.2 billion successful transactions happened on our platform done and the company expects to hit $4-5bn volume in the coming year,” he said.
“We have already integrated multiple payment channels on our platform. Using our white-labeled platform, clients can focus on market acquisition and not on building a fintech platform from the scratch,” he said.
“There are so many QR code payments systems. However, each player should have a respective mobile app for their QR code. Safex QR can be scanned with a mobile camera not particularly with the respective app and one can still get all the payment options,” he explained.
“Last year, we have grown about 500 per cent. The reason is the demand for contactless payments is increasing due to Covid. A lot of clients are looking for readymade solutions from people like us. The trend for white-labeled products, which was seen in the US markets, is now being seen in India and Middle East markets too,” Gupta said.
India retained the top spot with 25.5 billion real-time payments transactions, followed by China with 15.7 billion transactions. In 2020, the transaction volume share in India stood at 15.6 percent and 22.9 percent for instant payments and other electronic payments respectively, while paper-based payments had a considerable share of 61.4 percent. The share of real-time payments volume in overall electronic transactions is expected to exceed 50 per cent by 2024 and 71 per cent the next year, he said.
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