How are fin-tech companies expanding the Indian bill payment market

The influx of smartphones and rapid digitization has seen significant growth in the last few years in the bill payment sector. It can be affirmed with the CAGR growth of 15.7 % from the period of 2015–2019. Hence the technologies are not only creating the ease of lifestyle but also increased the tariff and bill calculation on the multi-utility bill payments like DTH Recharge online. There are more gadgets and more dependency on electronic devices and using the internet through wifi. It has also increased the tariffs on all the bills of the utility sector. The reason for this is due to the excessive influx of technology through the smartphones and IoT and cloud that can access all the electronic devices through the cloud.

These technological advancements have changed the lifestyle of the Indian people with a span of a few years. it has also penetrated into the multi-utility bill payment sector by providing highly functional mobile apps like Electricity bill payment app for android and IOS devices as well. These apps have found customers after the detailed analysis of customer demographics, behavior and surprisingly rapid adaption to the digital payment sector. Hence the online bill payments sector has seen a significant onboarding of the new customers every year.

The online bill payment market is increasing at an astronomic rate which has provided the fintech companies and start-ups to innovate technologies that can cater to large market size. But the predominant challenge that the bill payment service providers face is the percentage of the digital users. Although the smartphone influx and online adaption have increased with more users choosing the Postpaid Mobile Bill Payment Online. But on the contrary, there is a large chunk of the Indian population that makes upto 80% of rural India and 35% of urban quantum has been very comfortable with using the physical cash for all financial transactions.

Hence if this market is tapped digitally, there is high scalability and profit for the fintech companies. It also aids in completely digitizing Indis which will make our country the strongest, technologically evolved country. This will reduce the poverty lines and bridges the gap between the economies. Hence many companies have been trying to reach the customers with the model of ubiquity, contextual and technologically advanced yet user-friendly mode. The mobile apps are already providing the pervasiveness and aiding the vodafone broadband postpaid bill payment in India very easy.

The XIPHIAS XPay Life Pvt Ltd has is a fin-tech startup that is expanding the bill payment sector by providing a multitude of bill payment options through the mobile apps that is compatible with both Android and iOS device. A customized website for online bill payment services www.xpay.life. If these two works on catering to the tech-savvy Indian clan that prefers online payment. IT also provides lucrative offers with coupon codes and exclusive discounts. Gas bill payment offers are also available in the app.

But about tapping the remaining market that prefers cash, it has innovated a state-of-art device called the bill payment kiosk that accepts cash as a bill payment mode and converts the transaction digitally. These kiosks are also integrated with the POS machines that accept the credit/debit cards.

 As the cash preferring population is massive in India, the kiosk and mobile van invention are bridging the economic gap between the urban quantum that prefers the online payment solutions to a huge rural sector that depends on cash transactions through mobile vans. This invention also helps them to slowly transit to the highly evolving online payment modes with ease in the future.

Online Bill Payment through XPay Life. You can make faster, easier and secure payment for all multi-utility bills such as Electricity, Gas, Water, Postpaid Mobile bill, Landline, Broadband, DTH Recharge become easier with XPay Life.