Novopay: Comprehensive Guide

Novopay was founded in 2013 by Srikanth Nadamuni, Gautam Bandyopadhyay, and Sridhar Rao with the goal of using mobile technology to connect the banking sector with the long tail of customers and retailers. By providing fingerprint scanners to the establishments and utilizing the Aadhaar-based unique identification number database, they enable customers to use Kirana stores as money-deposit and fund-transfer centers.

The company has partnered with RBL, Axis Bank, IDFC, and Bank of India to provide its services through an app. Customers who are familiar with mobile devices can use Novopay’s mobile app to recharge their phones, pay bills, and recharge DTH and mobile devices.

About Novopay

On February 20, 2014, Novopay Solutions Private Limited, a private, unlisted company, was founded. It is located in Bangalore East Taluk, Karnataka, and it is classified as a private limited company. It has an authorized share capital of 23.00 lakh rupees and a paid-up capital of 12.26 million rupees.

Novopay Solutions Private Limited, a non-governmental organization, was founded on February 20, 2014. It is a private, unlisted corporation that qualifies as a “company limited by shares.” The authorized capital of the company is Rs. 13.0 lakhs, and the paid-up capital is Rs. 11.34 lakhs, or 87.21208 percent of that amount. On September 30, 2017, Novopay Solutions Private Limited held its final annual general meeting (AGM).

Novopay – Business

The underlying technology, according to Srikanth Nadhamuni, can scale to a billion people with little additional cost. Novopay, a Bengaluru-based payments company, claims that by focusing on unbanked and rural users, it is gradually upending the mobile wallet market.

Many of these customers use the Novopay Solutions board at their local shop for local banking. When these transfers occur, their Novopay wallet, which is bank-backed and reflects funds sent to it from relatives who work in Delhi or Mumbai, is updated. The store clerk assists them in finishing these transactions on their smartphone. The neighborhood store checks the user receiving the money against the Aadhaar-based database of unique identity numbers using biometric scanners and smartphones.

Novopay’s Startup Journey

Nadhamuni founded Novopay Solutions in 2014 as a platform that provides payments and banking services to unbanked and rural customers. The Bengaluru-based startup launched “Trustt” to meet the needs of financial institutions as the payments industry evolved with the implementation of UPI.

Novopay Solutions’ retail payments business is focused on B2C channels, whereas its banking SAAS business is focused on products. Given the two distinct sets of offerings aimed at two distinct markets and consumers, the demerger was a natural course of action.

Mission and Vision of Novopay

Novopay’s mission is to help banks, NBFCs, and FinTechs deliver financial products to their clients quickly, with a focus on client convenience, business efficiency, and security. Novopay’s product portfolio includes, among other things, digital loans, digital distribution, digital identification, and payments, all of which can be tailored to the specific needs of each client.

Products and Services – Novopay

Clients can provide their customers with a seamless banking experience across multiple channels by utilizing Novopay’s GPT-based Conversational Suite and cloud-based SaaS banking platform. We are proud to have managed 130,000 retail locations, served over 3 million walk-in customers per month, managed a loan book worth over 10,000 Cr ($1.3 billion USD), and handled payment transactions totaling 2,000 Cr ($266 million USD). Clients of Novopay can easily access and manage their financial activities thanks to the company’s solutions, which feature the most user-friendly UI/UX design.

Conclusion

Nadhamuni founded Novopay Solutions in 2014 as a platform that provides payments and banking services to unbanked and rural customers. The Bengaluru-based startup launched “Trustt” to meet the needs of financial institutions as the payments industry evolved with the implementation of UPI.

Khosla Ventures-backed Novopay Solutions Pvt. Ltd. is in the process of demerging its retail business. According to chairman Srikanth Nadhamuni, the company, which has recently changed its name to “Trustt,” will now only house its banking software division.