Digital platform is growing rapidly from the last few years and we all have made ourselves quit habitual of it. There are numbers of companies which provides digital payment solutions, and because of that we have earned a lot of comfortness. CityCash is a start-up company in the fintech industry bringing state-of-the-art technologies and unique business models in the digital payments space with a focus on NFC based card payments. Started as an initiative to make India ‘Less Cash’ and offer digital payments for everyone, CityCash designs, deploys and operates low cost offline and online payment technologies focused on the underserved space of high volume, low value payments. During a conversation with Nitisha, Vineet Toshniwal, CEO & Founder, CityCash shares the anecdotes of CityCash and its speciality.
Q. Please explain your company offerings and its speciality?
CityCash has created a Tap and Pay-based Micropayments Ecosystem using Public Transit as an Anchor to address this space. CityCash has launched a Multipurpose smartcard which can be used to make offline payments in transit and retail both. CityCash offers an integrated digital ticketing and payments product to transform public bus corporations and migrate them to cashless contactless payments, adapting technology and becoming consumer centric.
Q. Please share details about your latest products?
CityCash offers a wide range of payment solutions for transit as well as retail use cases. The primary product being smart cards facilitated stored value payments, in the form of offline transactions, along with mobile ticketing for consumers, and ticketing solutions for Bus corporations. CityCash recently launched it’s over the counter smart card product for MSRTC which has a PPI wallet issued by Fino Bank, Travel wallet for Bus tickets and passes. Card holders are rewarded with bonus amounts on every card recharge. Additional services include vehicle tracking, passenger information and registration system, data analytics and MIS.
Q. How was the year 2019-20 in terms of business?
CityCash on boarded more than 40 lacs customers generated ~INR 30 crores of GMV through card loading.
Q. Key clients and strategies to foster your sales in the indigenous market?
In order to benefit CityCash Customers, we are tying up with well-known brands like McDonald’s, OYO, Book My Show for our reach in urban areas and known local brands with various offers to reach the rural areas. We are extending cashback offers on payments made though CityCash Smartcard as well as creating brand awareness through activation programs at customer touches points to build trust through online and on-field direct interaction with customers.
Q. What are your future plans and what will be your ahead marketing strategy?
We are exploring new opportunities that can help customers get benefits on credit usage and life insurance on card recharges. Parallely, we are creating an ecosystem of merchants and agents. The accepting merchant capability will enable the customer to use the card to not only pay for daily necessities but also for utility payments, parking, etc. The agent network will in turn facilitate the customers to get card related services i.e., issuance, recharge etc. and will foster micro entrepreneurship equally for men and women
Q. Impact of covid19 and how do you cope up with such issues?
CityCash operates in the micro payments industry for Public Transit and Retail Payments. Public buses have been practically non-operational in Q1FY21 and most of Q2FY21. There were no activities related to card tapping or card load. Even upon opening up of the public transit, the numbers of passengers in buses were limited. Due to the extended lockdown, small value merchants have also been non-operational for making it difficult for us to reach them and educate them regarding the retail use case. CityCash utilized this time and moved to Digital Marketing and generated new leads for Customers and Merchants. In tandem, also ramped up in imparting the knowledge regarding transit and retail use cases to current customers.