Airpay, an integrated omnichannel financial services platform in the country, is aggressively planning to expand its presence in the African region. The company is planning to add 12 more African countries to its operations.
The company, which recently completed its 11th year of operations in India, currently has a presence in four African countries. “We are looking to add a dozen more countries in Africa,” Kunal Jhunjhunwala, founder and managing director of airpay told FE.
“India’s push for digital public infrastructure and the development of large-scale digital products have helped airpay build products that transform how we deliver financial services to the last mile. We expect that our digital economy transformation platform will contribute 30% of our total revenue by 2025,” Jhunjhunwala said.
The company entered the United Republic of Tanzania market through a formal engagement with the ministry of state president’s office of labour, economic and investment in Zanzibar. It aims to support the government’s ambitious Zanzibar Vision 2050 plan by raising awareness of the digital payments ecosystem and empowering merchants and customers through its integrated offerings.
The company’s payment gateway business is 11 years old and has received the in-principle authorisation as a Payment Aggregators and Payment Gateways (PAPG) from the Reserve Bank of India (RBI). It serves over 540,000 retailers pan-India, providing avenues for payments, government services, commerce, and digitising payments.
The company is targeting around 10% market share in the zero-interest EMI market through payment aggregators. “It is a Rs 1,000 crore a month market. Our target is to tie up with over 250 merchants across categories for this service since the festive season has started. In today’s world, consumers are spending on expensive products and services. They have access to affordability features like credit card and debit card EMI. In order to increase the affordability of EMI payments, we are offering an additional option of zero-interest EMI,” Jhunjhunwala added.