EnKash started its operations in a bid to solve the two challenges- Corporate Card issuance to a highly under-penetrated SME/Startup space and building rails for Cards spends in non-travel space. We now issue our own cards and also partner with multiple banks and financial institutions to manage their card spends, says Yadvendra Tyagi, Co-Founder EnKash, in conversation with Rashi Aditi Ghosh of Elets News Network (ENN).
1.EnKash is India’s first Corporate Credit Card company. What is the idea behind this inception?
Till the last couple of years, corporate card spends were limited to Travel & Entertainment, Travel Bookings in travel space in India. Whereas the ease and benefits which are possible with corporate cards for non-travel spends like Utility Payments, Vendor Payments, GST Payments and many more have always been overlooked.
Travel spend is less than 10% of any business expenditure, the majority of expenditure goes for business expenses, still, corporate cards were having almost negligible spends on business expenses.
To add to this, startups and SMEs generally are completely left behind in availing commercial cards and are left to use personal credit cards or loans to manage their business-related expenses.
Enkash started its operations in a bid to solve the two challenges- Corporate Card issuance to a highly under-penetrated SME/Startup space and building rails for Cards spends in non-travel space.
- How is EnKash helping corporates in connecting with their suppliers, buyers & their ERP/Accounting systems?
All EnKash card users get access to EnKash Dashboard as well without any charges.This web-based state of the art solution, not only acts as a bridge between buyers/suppliers for invoicing, payments and collections but also utilize cards on our dashboard for supplier, utility, GST, rental etc. related expenses.
At EnKash, apart from issuing our own cards, we also partner with multiple Banks and Financial institutions to manage their card spends. Thus ensuring that exiting issuers, along with a partnership with EnKash, give avenues for their clients to pay or collect through corporate cards without having an acceptance engine at either end.
Entire EnKash dashboard is PCI DSS compliant and we maintain stringent security protocols to give comfort, not only to Banking partners but the comfort and ease to their clients as well.
- Digital payments are the future of the BFSI sector, however, safety remains a concern. Comment
Not only in BFSI, but in general, trust is the first thing, which everyone looks for. More so in BFSI because you are dealing with financial data. Safety and Security should be uppermost in any BFSI domain, not only on the transactional level but also on the enterprise level. At EnKash, we are PCI DSS certified and proud to say that our partner Banks have trusted us because of this expertise.
- Being a Fintech Startup, what challenges and opportunities do EnKash witness?
We clearly see that in today’s digitised era, even the digital natives are moving to digital means of communication and transactions, businesses have started adopting to digital payments and this segment is looking to grow manifold. We are at the cusp of a card revolution for businesses and will ensure that whatever the card requirement businesses or financial institutions have, at EnKash we will be able to deliver that.
A true card fintech which not only supports new corporate credit card issuance but also build rails so that more businesses can get the benefits of a corporate credit card as a payment instrument.
- Tell the publication about the outlook for 2020
We are very bullish about this year, one we are happy, having partnered and serving multiple banks/financial institutions and we will continuously strive to enhance our product for these partners. We are looking forward to forging these mutually beneficial alliances with more banks and financial institutions.
Two, with our EnKash corporate card, is already in the market and thousands of businesses are enjoying and liking the benefits which we offer. We look forward to ensuring more businesses, SMEs or Startups, get introduced to the benefits EnKash card can bring.