Another new business venture is Xpay.Life, driven with a vision of making life simpler by providing a one-stop solution to consumers to pay their multi-utility bills (electricity, gas, water, postpaid mobile, etc.,) using a single window. XPay.Life has been co-founded by Bohitesh Misra (COO and CTO) and Rohit Kumar, CEO & CMD; both of them have been professionally connected for a long time through CIO Forums, award ceremonies, events, and conferences. "Our frequent interactions drew us closer since we were having the same mind-set," says Kumar. "We were instinctively drawn to work towards the welfare of the society."
While collaborating on a number of projects for XIPHIAS Software Technologies, the co-founders perceived an opportunity to explore new ways of approaching product development and village commerce. "For instance, Prime Minister Narendra Modi has already achieved rural electrification through Sahaj Bijli Har Ghar Yojna (SAUBHAGYA) Scheme. However, the collection from the new consumers is still a challenge. This is where XPay.Life aims to prove a game-changer," he says.
XPay.Life offers its innovation of multi-utility bill payment and collection through mobile vans to address this challenge. It has conceptualised a mobile van-based bill payment service which has a touchscreen kiosk. This van visits various strategic places in the remotest parts of the villages where collection is still a big challenge for government schemes. "We decided to bring our skillsets together and expand the existing utility bill payment services to offer a full spectrum of multi-utility bill payment through touchscreen kiosk, Web, mobile app, POS machine and mobile van using cash as well as all popular digital payment channels," he adds.
XPay.Life works on an advanced technology framework and follows the AMBIC Model, which is an acronym for Artificial Intelligence, Mobility, Blockchain, IoT and cloud-based solutions. Kumar stresses, "The team is constantly coming up with newer concepts and innovations to redefine utility payments in the country."
While XPay.Life is currently present in Jharkhand, Gujarat, UP, Maharashtra, and Telangana, recently it has expanded its business footprint across various cities such as Pune, Delhi, Patna, Rajkot, Surat, Ahmedabad, Bangalore, Bhopal, Indore, Jabalpur, Chandigarh, Lucknow, and Varanasi. Aiming to tap into the B2B, B2C, and B2G segments in its new network, XPay.Life will soon be deploying 25,000 bill payment kiosks in this year and 1 lakh kiosks in coming three years.
There are two major revenue streams for XPay.Life: B2B and B2C. While B2B is a payment gateway offering, earning revenue per transaction, the B2C offering involves credit conversion factor (CCF) and back-end commission from NPCI/BBPS.
"XPay.Life is self-funded and we have invested more than $1 million in the venture. The company is yet to raise funds but is actively exploring the options as of now," he says.
With a strong focus on enabling various welfare schemes by the government, XPay.Life aims to grow in all the verticals in the next 18 months.