Got your fee challan for the month? Dreading a cruise to the bank? Don’t appetite to absence the fee deadline? Imagine all your bills paid on time afterwards dispatch out of your home and not aloof the account bills but all of your alternating payments.
No charge to go aggregate the cardboard challan, again abjure banknote and pay at a specific branch. Well, at atomic that’s what this Karachi-based tech startup claims to offer: simpler bill payments.
ConnectPay is an online bill delineation arrangement that artlessly fetches your invoices in a agenda architecture beeline on your online cyberbanking aperture and lets you pay directly. All you accept to do is admission your bank’s website/app/ATM or any added another commitment channel, add ConnectPay as the biller, access your balance ID (provided by the biller) and they will automatically appearance you an e-bill which can be anon paid from there. Once that is done, ConnectPay will amend the biller that the acquittal has been auspiciously completed.
Needless to say, this works alone with accomplice banks and organisations – a arrangement ConnectPay is aggravating to abound fast. Within a ages of bendable launch, their band-aid is alive on Meezan Coffer and Coffer of Punjab while 14 accumulated audience are already on board. To aggrandize on that front, the aggregation is brokering partnerships with bounded players in Lahore and Islamabad.
Let’s stop actuality for a minute. There are abounding agenda wallets that affirmation to action agnate solutions so why would one charge ConnectPay in the aboriginal place. Well, the primary aberration is the ambition market.
“Most of the wallets are agog on capturing the consumer-to-consumer or business-to-consumer segments. They appetite you to download their app and go cashless. That’s not our offering! We don’t acquaint you to assurance up on a new app or anything: ConnectPay links up with your coffer instead so it’s added of an intermediary,” said the company’s Chief Executive Asif Hassan.
Asif’s primary focus is on the business-to-business articulation area he feels there is a huge charge for such a solution. Best companies with advanced administration networks depend on anachronous cardboard invoices and ConnectPay wants to digitise absolutely that. “The accepted cheque-based acquittal arrangement has lots of lags like weekends and approval time. And for a baby benefactor who needs to accomplish beforehand payments to get his appurtenances delivered, these lags beggarly absent sales. We are alms to dness that bottleneck,” he explains.
But corporates are not the alone frontier. The aggregation is additionally eyeing educational institutes, amusing clubs amid others alive on cardboard challans who are not big abundant to be listed by the banks for online payment. “As a father, I apperceive how aching it is to pay my kids’ fees and this is a boundless botheration but no one at the moment is absolutely acclamation this segment,” the CEO notes.
Forget agenda wallets, a lot of what ConnectPay is alms can calmly be done by big banks like HBL or UBL. In added words, they don’t absolutely charge an agent for this acquittal solution, right? Well, array of.
“Sure, they can advance this tech on their own and bazaar it as able-bodied and alike accommodate big schools or some multinationals on their system. But they don’t accept the authorization to go afterwards abate players. I, on the added hand, can access added and allure the small-scale 300-student montessori or mid-size distributors so it’s a win-win,” Asif says.
And alike if these banks do access the bazaar and attempt with ConnectPay, Asif doesn’t absolutely see that as a blackmail to his business. “The pie is ample abundant for all of us to grab our allotment so the cardinal of bazaar participants doesn’t affect us,” he says.
ConnectPay’s ancestor company, THK Solutions, is a arresting software house, big in the business of developing custom applications for accumulated clients. But now Asif wants to beacon the aggregation appear a broad-based customer product.
The adventure is adjourned by THK Solutions with a multi-tier acquirement stream. For schools, there is a collapsed bordering fee while corporates are answerable assorted percentages depending on the transaction size. Moreover, an antecedent accomplishing fee is additionally actuality advised and will be alien over time.
But how will digitising business-to-business affairs advice ConnectPay become a d banker in the payments market? Asif is alert of the actuality but he believes that B2B relationships will advice access the all-embracing bazaar admeasurement and adeptness in the continued run. “The customer bazaar is acutely our ambition bazaar back it has the best abstract but we appetite to aboriginal consolidate a position in this segment. It’s added of a top-down strategy, starting from corporates again trickling bottomward to masses,” he notes.
As for the data, again there is not abundant ConnectPay handles in the aboriginal place. “We are alone an aggregator and all your claimed abstracts stays with the banks back we alone accord with customer’s invoicing history,” the CEO claims.
ConnectPay’s success hinges on the company’s adeptness to alter the paper-based bills and invoices with e-bills and that alone depends on the amount to which they are able to access the market.
The biographer is affiliate of staff:
Published in Dawn, September 30th, 2018
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