Aceware Fintech launches Acemoney UPI/QR code payments in Kerala

V Sajeev Kumar Kochi | Updated on August 30, 2021

It is the first Kerala-based company to offer UPI/QR payments

Aceware FinTech Services, a fintech start-up mentored by the Kerala Start-up Mission and registered with Start-up India, has launched QR-based unified payments interface (UPI) payments in Kerala. Aceware FinTech Services, a subsidiary of Aceware, is the first Kerala-based company to launch UPI/QR payments.

Registered in 2020, the Kochi-based start-up offers ATM to home and neobanking services, beside UPI/QR payments. Aceware FinTech Services plans to take on its larger counterparts by providing better services and cashback offers to the merchants as well as the public.

“In case of other UPI/QR payments, settlement with the merchant is done only on the next day. But we offer the same day, two times a day, settlement to the merchants. Also, we offer coupons to the merchants for every ten payments made by customers using Acemoney QR code. The merchant can redeem the coupons when he makes a purchase from the wholesale dealer as we have tied up with some of the leading wholesale dealers in Kerala,” said Nimisha J. Vadakkan, Managing Director, Aceware FinTech Services.

Also read: Aceware launches first neobank in Kerala

For the personal users, the company has been offering cashback offers. “One of our main highlights is that the customers can redeem the cashback from any of the partner merchants within his or her 10 km radius,” she said.

Customer service points

Positioned as Kerala’s own UPI system, Aceware FinTech Services, is planning to set up Acemoney customer service points (CSPs) at all the 972 panchayats in the State by December this year. The company already has its CSPs in 120 panchayats. “One of the main issues faced by the merchants as well as individual customers is stuck payment. If a payment is stuck, both the merchant and the public do not know whom to contact. In our case, the individual customer and merchants can approach CSPs in their panchayat for resolving the issue,” Vadakkan said.

Aceware Fintech Services is also planning to provide loans to the merchants depending on the number of transactions they have made using Acemoney UPI/QR payments. The company is also the authorised partner of PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), a special micro-credit facility for street vendors.

Acemoney Neo Bank

Acemoney Neo Bank, which was launched in April this year, has been mainly targeting retail customers. The company has been offering value added services such as door step pick-up and delivery of cash. “We are offering cash pick-up and delivery services for our customers from 9am to 9pm. Under the service a merchant can deposit his daily collection after closing the shop every day. Our customer executive will collect the cash and deposit the amount in the merchant’s neobank account in his presence itself,” she added.

Published on August 30, 2021

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