Money & Banking

Alpha Payments Services aims at 2.5 million customer base

Satyanarayan Iyer Beena Parmar Mumbai | Updated on November 21, 2017

Alpha Payments Services, a digital payments provider, aims to almost treble its customer base in the current year to about 2.5 million customers with new products. The company enables remittances by workers to their families, besides offering an integrated platform for different consumer services such as mobile recharge, ticketing and utility payments.

Last year, the company took over Nokia Mobile Payment Services and acquired seven lakh customers with it. Subsequently, Alpha Payments has added about one lakh customers more in the four months that it has operated.

Shweta Aprameya, Chief Executive Officer, Alpha Payment Services, said that they had gone slow on customer acquisition initially. After streamlining its processes and using its wide presence (along with FINO Paytech’s branch network), the company will expand faster in the current year, she added.

Revenue target

The company, which has seen an average throughput (remittance/transfers) of Rs 1,000 a customer over the past four months, has set itself a revenue target of Rs 70 crore in the current financial year. Remittance customers form a large part of the company’s total customer base. About 2.5 lakh out of its base of eight lakh are remittance customers.

For remittances, the service fee is between Rs 50-Rs 100 a transaction.

However, Aprameya believes that this is not much of an impediment as customers are looking for fast, secure and easy way to transfer their money.

There are no registration charges for the customer at this stage. However, when the company attains a critical mass they will consider introducing registration fee, she said.

satyanarayan.iyer@thehindu.co.in

beena.parmar@thehindu.co.in

Published on May 10, 2013

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