India can only become fully digitized if we empower our rural India: Rohit Kumar, Xpay.Life

Xpay.Life is India's first blockchain enabled transaction framework that offers end-to-end payment flow to accept, process and make the payment through Blockchain secure platform. The company also offers payment infrastructure for the masses through mobile vans, point of sale machines and touch screen kiosks. Recently, Rohit Kumar, founder and CEO, Xpay.Life spoke to Dataquest about the vision of the company and how it plans expand its operations in India. 

DQ: How savvy are people from rural area when it comes to digital transactions? How has been the response so far?

Rohit Kumar: India can only become fully digitized if we empower our rural India. We are educating people from rural households about payments and transactions through various modes like Mobile Vans, Any Time Payment Kiosk machines, etc.specially designed for the safety and convenience of the rural consumer. The response so far has been beyond our expectations, people are welcoming us and our initiatives. Since we focus on rural India, people often take time to accept that digital transactions are easy and stress free. We have worked on the challenges we faced and converted it to our strength by adding then as unique features for the rural market. It is natural for people to resist change and take time to accept a change in the financial system but with continuous effort, it is possible and we are successfully doing it.

DQ: Can you tell how you are using blockchain technology for financial transactions?

Rohit Kumar: XPay.Life is India's first Blockchain-Enabled Transaction Framework enabling end-to-end payment flow to accept, process and make the payment. The XPay.Life platform is built using the blockchain technology which is currently the most secure technology available. Because of this technology, adding new features and customizing the platform form factors for rural India, is all the more simple. The modularity and the security of the platform is truly because of the Blockchain technology we have implemented. All transactions are passed through an AI-based audit system to check the veracity and increase safety. The platform and its form factors will always have the 3S’s of financial transactions, Safety, Security and Simplicity, at its heart.

DQ: Who are your bank partners? How do you plan to expand in future?

Rohit Kumar: With the Government ensuring a strong financial ecosystem for India's neglected rural pockets, XPay.Life assists them with its vision to make rural India financially independent and financially inclusive.  We work with multiple DCCBs ( district cooperative banks ) and RRB’s ( Regional Rural Banks) to carry out our vision of a truly digital India. We are currently working with NABARD, NPCI, NBBL , apart from a host of Private and Public Sector banks to ensure that true financial inclusion can be implemented across the country and people can pay their bills or transact financially with absolute ease ,convenience and security. XPay.life is aiming to expand its presence in the most remote locations of the country.

We are currently in Fifteen states and we will cover all the states in India in the next one year. Our target is to at least reach three lakh villages in the next eighteen months. 

DQ: What’s your business model?

Rohit Kumar: XPay.Life enables simplicity of transaction while never compromising on security or safety. By enabling DCCB’s and RRB’s, often at zero cost to them, and designing a very innovative per transaction model for them, we fuel the transactions at the grassroots level and enable digital India. We operate on the very simple premise that villages need entrepreneurs and our Village level Entrepreneur program uses this concept to create new business heads at a local level. We do this by providing services through 3 pillars – financial inclusion services, merchant services and as a technical service provider. Financial inclusion services, has the bill payment and soon-to-be launched UPI services through form factors like the app, website, PoS machines, and the patented Mobile Van. Secondly, the merchant services where we enable entrepreneurs at a village level by allowing them to accept cash and other digital modes of transactions at the retail front thereby energizing transactions at a rural level. Thirdly, as a service provider to the district cooperative banks and rural banks and through them grow the villages of India.  Our focus is and will continue to be digitizing India one village at a time.

DQ: How mobile vans concept helping in financialisation of India? What new initiatives do you plan?

Rohit Kumar: The mobile van is a solar-powered office or branch on wheels that travels to the doorstep of the villager and teaches financial and digital literacy to the unbanked while enabling cash transactions on our touch screen kiosks. We are educating people from rural households about payments and transactions. Mobile Vans which are present in more than 15 states are convenient and easy to use for the people, we start by providing services at the doorstep and at the same time educating and informing them about digital transactions.  This doesn’t end here! The District banks can take any banking activity to the door step of the villager using the Mobile Van, be account opening or providing loans to them etc. 

DQ: What are your plans to raise  funds?

Rohit Kumar: We are currently looking at a fund raise now to increase the transactions and market our products on a national level. We are in negotiations with a couple of large investors to see how our requirements and more importantly the country’s needs can be fulfilled using the 360 degree suite of products that we offer. Having said that the fund raise is only to fast track our progress, we are a profitable and revenue generating organization that believes in creating value for the people rather than creating a valuation for ourselves.