Business financial platform, Tide has launched a Bill Payments feature in partnership with Setu powered by Bharat BillPay, by National Payments Corporation of India (NPCI).
The feature will provide a hassle-free, interoperable and accessible bill payments service to micro, small and medium enterprises (MSMEs) across India. To keep operating spends minimal, small business owners (typically employing 0-10 people) often end up using their personal account for personal and business spends, which invariably creates an accounting nightmare and reduces visibility on business expenditure. Tide Billpay will solve this common pain point for small business owners, the financial platform claimed.
According to Tide, members (customers) will be able to track and trace their business-related payments and use the transaction history to easily identify categories of outgoing expenses for their business. This will give them a deeper and more holistic view of their cash-flow and therefore the short and long-term health of their business.
Kumar Shekhar, Deputy Country Manager, Tide in India, said, “India’s dynamic SMEs fuel the country’s economic growth. Tide stands at the forefront of innovation to help them save time and money. Our Bill Payments feature alleviates the pain point that bill settlements pose for small business owners. With a focus on agility, convenience, ease of use, security and accessibility, we are committed to help simplify the bill payments experience for India’s MSMEs.”
Tide aims to on-board half a million SMEs in India by the end of 2024, the company said.
It added that there are plans to introduce a host of other features for small businesses across India. These include a Business Savings/Current Account, bank transfers, GST, pay by link and credit services. Tide is working to bring the richness of its product offering in the UK to India, while tailoring it to the needs of MSMEs in India.
