Triotech: A Digital Payment Enabler & Entrepreneurial Opportunity Creator for the Rural Consumers

Rajesh Kaul,Co-Founder & CEO
Rajesh Kaul, Co-Founder & CEO

The recent launch of Digital Finance for Rural India: Creating Awareness and Access through Common Service Centres (CSCs) scheme, by the Ministry of Electronics & IT along with the demonetization paved way for cashless transaction in the otherwise cash dependent Indian economy and has the potential to encourage 60 percent of cash users to embrace cashless transaction. No doubt, it is an uphill task but Triotech (founded by Rajesh Kaul & Munish Dhingra) is helping clients like BSNL, YES Bank, RBL and many others detangle this proposition and paved the way for a transparent & cashless economy, especially in the rural regions of the country.

Based on a one-stop-retailer modeled platform, Triotech is killing not two, but three birds with one stone. Through the company’s Retailer App and TriOmoney App, the company’s retail model proposes the core ideation of digital transaction, while creating entrepreneurial opportunities for the distributors who in-turn educate the mass about digital payment. Furthermore, Triotech collaborates with the potential retailers to provide an opportunity for a digital shop through its
proprietary M-Wallet, offering assistance in digital transactions like top-up, remittance, bill payment, business correspondent services and also expense tracking accounting, while working towards the vision of expanding to retail distribution, collection and loan distribution as well. The team believes that as the adaption will increase, more customer initiated transactions will be done from rural market.

"Next in pipeline is to bring in retail integration so that rural masses can get closer to urban retail chain and distribution"

Creating Opportunities
Triotech’s Payment Solutions Group is also bringing forth cutting-edge banking and finance solutions that are developed with the end user in mind. To ease the method of payment and entrepreneurship, it has facilitated integration with the Banking Correspondents, for Non-Banking services, integration of the platform with BBPS (Bharat Bill Payment System) and non-BBPS entities for providing variety of non-banking services. “Next in pipeline is to bring in retail integration so that rural masses can get closer to urban retail chain and distribution,” states Rajesh, Co-Founder & CEO, Triotech.

The team has worked in the past with BSNL and Department of Post to provide a path-breaking and only financial remittance service that does not mandate a bank account. This innovative approach further paved way for the inception of Mobile Money Order (MMO) service. Here, the benefactor and recipient require bank accounts,
but this novel process is highly
simplified by the integration of mobile banking services, leveraging the India Post’s vast distribution network, making digital transaction quick, flexible and cost-efficient. “Our service with the Department of Post was launched on November 15, 2012, and covered almost 15,000 post offices across 24 states, scores of people have already benefitted from this revolutionary service,” adds Munish, Co-Founder & Chief Sales Officer, Triotech. This innovation paved the way for us to look at new Retailer initiated model for rural market.

A PPI licensee, Triotech adheres to the RBI guidelines and undertakes relevant security & technical parameters to foolproof the platform. It has undergone a product level and customer level interface check and is encased by encryption to avoid breach. Moreover, the system goes through both manual and automated reconciliation of transaction data on end of day basis to ensure that system errors and gaps are completely taken care of.

The Fintech platform services are growing at 40 percent YOY and the overall revenues in the coming two years will contribute 80 percent of the total revenue. “We have rolled-out both Retailer and Customer App on Android platform and will be shortly launching iOS as well. Keeping in line with RBI requirements our platform is working in redundant mode for providing stability and is hosted on cloud in redundancy mode,” concludes the duo.