Bangalore, June 9, 2020: XPay.Life, a NPCI-approved multi-utility bill payment platform providing one-stop solution to consumers, has clocked more than 60,000 transactions during May this year, resulting in Rs 30 million in revenue.
The company, which is powered by a blockchain-based transaction framework, found that most of these transactions were made towards the payment of electricity bills. Among other categories, transactions worth Rs 2.3 million were generated from mobile vans.
The vans deployed by XPay.Life travelled across remote locations of Jharkhand such as Ranchi, Ramgarh and Hazaribagh to dispense cash under the RBI guidelines. On an average, 50-60 transactions took place every day through these vans. With 253 XPay billers in tier-I and tier-II cities, the company also has a strong presence in tier-III and tier-IV cities with a wide reach of 50000+ pin codes.
The platform recorded Punjab State Power Corporation (PSPCL) as the highest biller with maximum transaction amount clocked at Rs 55, 790. Punjab topped the chart, accounting for 28% of the total consumption, followed by Rajasthan, West Bengal, Gujarat and Karnataka.
As lockdown restrictions for essential services were lifted in non-contaminated zones in May, there was a steady increase on the NPCI approved platform of 73,000 users with transactions clocking up to Rs 5.4 million.
Says Rohit Kumar, Founder and CEO, XPay.Life: “In these unprecedented times, our aim is to make life simpler by providing a one-stop solution to the consumers as one of the fastest-growing bill payment platforms in India. We have partnered with NPCI to bring the benefits of digital payments to the unbanked pockets of the country and further our mission of financial inclusion.”
Founded in June 2019, the USP of XPay.Life is Bill Payment through Touch Screen ATP Kiosk, PoS machine and Mobile Van which accepts cash as a digital payment along with accepting credit/debit cards.
XPayLife app ( Android) and XPLife app (IoS)