Aspora, a fintech platform catering to the Indian diaspora and backed by Sequoia, is expanding its services to allow Non-Resident Indians (NRIs) to pay bills back home. This new feature enables users to conveniently settle utility bills, recharge mobile plans, and handle other payments for their families in India. Previously, NRIs had to navigate complex processes involving transfers or high fees when attempting to manage bills remotely.
By integrating with the Bharat Bill Payment System (BBPS) via Yes Bank’s domestic pipeline, Aspora now facilitates payments to over 22,000 billers in India, including electricity providers, broadband companies, and major banks. Notably, Aspora is offering favorable exchange rates and waiving transaction fees for these bill payments, simplifying the financial interactions of overseas Indians.
Founder and CEO of Aspora, Parth Garg, highlighted the significance of this development in streamlining bill settlement for the Indian diaspora. While acknowledging a potential slight reduction in remittances due to bill payments, Garg emphasized the strategic value of enhancing user engagement and platform utilization. By incorporating bill payment capabilities, Aspora aims to foster increased user activity and strengthen long-term user loyalty.
Source: TechCrunch