Techprocess sees double growth as e-payments rise 42%

TechProcess, one of India's oldest e-payment processing firms, recorded a 42% rise in online payments, while doubling its online revenue in FY16. As things look hopeful, the company is expecting the growth in online payments to double in the current financial year.

Talking of numbers, TechProcess is said to have recorded a total of over 186 million payments during the year, in which the government and education sector had a huge role. Anand Ramachandran told ET that both these sectors have grown at 70% and 20%, respectively, and would continue to grow by 50% and 150-200% in the coming fiscal, because of more and more people getting interested in online payments.

"We've gone from being a payment router to banks to becoming a platform for online payments," he said.

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The e-tendering platform built by TechProcess is being used by various state governments, and educational institutes, which use the platform FeesJunction to upload student database and manage payments.

TechProcess also recently received an in-principle approval from the RBI, and would now be serving as a Bharat Bill Payments Operating Unit (BBPOU), through which it aims to shift more utility, education and government payments to the online mode.

Also read: ​PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license

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