Chqbook partners with NSDL Payments Bank to launch a Zero-balance Digital Current Account for small business owners
- Chqbook targets India’s 63Mn small business owners who contribute to 25% of India’s service sector GDP
- The digital current account offers small businesses the benefit of instant onboarding and zero maintenance charges. It also comes with a zero fees Rupay debit card.
- The end-to-end digital journey is available in English and 7 Indian languages, a first-of-its-kind multilingual current account
GURUGRAM, India, Nov. 8, 2022 /PRNewswire/ — Chqbook, India’s first neobank for small business owners, has launched a first of its kind digital current account. Small business owners like kiranas, chemists and others running proprietorships can open a current account instantly on the Chqbook App from their smartphone and in a language they are comfortable with. The current account is available in 8 languages making it more accessible and easy to understand.
The all new digital and instant current account facility is a timely innovation for more than 63 million Indian small businesses. It furthers Chqbook’s vision of financial inclusion by empowering small business owners to access financial services – current accounts, lending and insurance, on their smartphones via the Chqbook App with no paperwork, to run and grow their business.
A majority of Small Business Owners transact through savings accounts leading to accounts being frozen due to multiple credits or current accounts of co-operative banks giving them absolutely no digital interface. A banking transaction typically means a visit to a branch, which is time-consuming, tedious and involves paperwork. Apart from that, it takes anywhere from 7-20 days to open a current account at a bank branch.
A current account is a basic facility required by any business owner to document and track their expenses, organize cash flow and allow for easier calculations of tax liabilities. A current account for business, therefore, allows for deposits, withdrawals and accepts UPI transactions. The newly launched current account addresses the traditional issues of long waiting periods and allows a small business owner to open a current account within minutes.
The current account facility on the Chqbook App digitizes the entire process of account opening. Any android smartphone enabled business owner can open a current account instantly. The digital current account offers all the features including downloading account statements to reconcile transactions, adding and managing beneficiaries, providing transaction history, ensuring easy fund transfers and features enhanced biometric security. Customers can also make cash deposits easily. Chqbook is further increasing the number of cash deposit points to over 1 Lakh locations over the next few months, which reduces the time taken to go to a faraway branch to deposit cash. Further, customers receive the advantage of a zero-balance current account along with a free debit card. The customers can also avail a POS machine with one single click on the Chqbook App.
Chqbook has received strong traction within two weeks of launch of its all new digital current account. Based on the initial traction, Chqbook will open more than 100,000 current accounts within this financial year.
“Chqbook’s mobile app brings together all the financial transactions a small business owner must handle, and these are available on demand and at their fingertips. We want to ensure that when a small business signs up with us, we offer them all financial services that they need to run and grow their business and they do not need to step out and waste time. Our all new digital current account is a game changer that will bring a significant shift in the way digital banking services are offered to this underserved segment. Our launch today not only appeals to our customers with its localization but addresses on the ground challenges, evident in the strong feedback and early adoption. Going forward, our efforts will be to open at least 20-25K current accounts in a month. Our goal is financial inclusion at national scale, and providing superlative customer experience through technology, and we are just getting started,” said Vipul Sharma, Founder & CEO, Chqbook.
India’s rising Internet usage and smartphone penetration with 725 million active users, is revolutionizing access to financial services. Aligning with the vision of a Digital India, Chqbook aims to empower small business owners with digital access to financial services, across banking lending and insurance, on the Chqbook app. With more than 1.6 million App downloads and 250,000 active users across India, Chqbook aims to help make their small businesses big.
Chqbook is in early conversations with investors for its Series B fund raise. The company till date has raised a total funding of US$ 13 million from marquee investors including Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava, and Sakshi Vij.
About Chqbook
Chqbook – a Gurugram and Bengaluru based fintech start-up offers solutions for small business owners like kiranas, merchants, chemists, and all others running proprietorship businesses. Founded by Vipul Sharma, Rajat Kumar, and Mohit Goel, Chqbook empowers this massively underserved segment to drive financial inclusion. Chqbook offers small business owners a digital current account, instant business loans and insurance, to make their small business big. The mobile app places the power of managing day-to-day financial transactions in the hands of small business owners, as well as providing them access to a diverse range of financial products on-demand and on-the-go, helping them save valuable time, effort, and money as they grow their businesses. For more information, visit www.chqbook.com
