Techprocess sees double growth as e-payments rise 42%
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Talking of numbers, TechProcess is said to have recorded a total of over 186 million payments during the year, in which the government and education sector had a huge role. Anand Ramachandran told ET that both these sectors have grown at 70% and 20%, respectively, and would continue to grow by 50% and 150-200% in the coming fiscal, because of more and more people getting interested in online payments.
"We've gone from being a payment router to banks to becoming a platform for online payments," he said.
Also read: Black money can be dealt with by creating a cashless economy, says the Indian government
The e-tendering platform built by TechProcess is being used by various state governments, and educational institutes, which use the platform FeesJunction to upload student database and manage payments.
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TechProcess also recently received an in-principle approval from the RBI, and would now be serving as a Bharat Bill Payments Operating Unit (BBPOU), through which it aims to shift more utility, education and government payments to the online mode.
Also read: PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license
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