Chqbook, a neobank for small business owners, has launched a zero-balanced digital current account.
Small business owners like kirana owners, chemists, and others running sole proprietorships can open a current account instantly on the Chqbook app from their smartphone in a language they are comfortable with. The current account is available in eight languages, making it more accessible and easy to understand.
‘Timely innovation’
The digital and instant current account facility is a timely innovation for more than 63 million Indian small businesses. It furthers Chqbook’s vision of financial inclusion by empowering small business owners to access financial services – current accounts, lending, and insurance—on their smartphones via the Chqbook App with no paperwork to run and grow their business, said the company.
Vipul Sharma, Founder & CEO, Chqbook, said, “Our all-new digital current account is a game changer that will bring a significant shift in the way digital banking services are offered to this underserved segment.”
The launch today not only appeal to our customers with its localisation but also addresses on-the-ground challenges, as evident in the strong feedback and early adoption. Going forward, efforts will be made to open at least 20,000–25,000 current accounts in a month, he added.
A current account for business allows for deposits, withdrawals, and accepts UPI transactions. The newly launched current account addresses the traditional issue of long waiting periods and allows a small business owner to open a current account within minutes, according to the company.
The current account facility on the Chqbook App digitises the entire process of account opening. The digital current account offers all the features, including downloading account statements to reconcile transactions, adding and managing beneficiaries, providing transaction history, and other features.