Fino Paytech, one of the 11 entities that have received in-principle approvals for payments bank, is all set for an April 1 rollout, sources told FE.
“Fino will roll out its payments banking services in April at some select 200
square feet offices of Bharat Petroleum Corp (BPCL) outlets in rural areas,” they said, adding that negotiations on rentals were on.
BPCL had in July signed a definitive agreement to pick up a 21% stake in Fino Paytech for R251 crore in an all-cash deal.
Rishi Gupta, managing director and CEO of Fino Paytech, told FE that no date had been fixed and it could happen before April too. “The partnership with BPCL will allow us to leverage its infrastructure and facilitate transactions with BPCL customers at both petrol pumps and LPG dealerships either through a wallet or the bank,” Gupta said.
However, the pace of the rollout might be slower than earlier anticipated, given the top management, headed by D Rajkumar, chairman and managing director, may focus more on core operations for the time being and less on the new strategic initiatives.
Given BPCL doesn’t have a prepaid payments instruments licence, Fino has built a wallet, BPay. While one can make utility payments to most services providers using BPay, it only allows payment for fuel at BPCL outlets.