Zenpay & RBL Bank Join Hands to Digitalize Salary Accounts for SMEs and MSMEs

New Delhi, October 15, 2020: Zenpay Solutions, one of the fastest growing Fintech company in the digital banking industry today announced its partnership with RBL bank and YAP to drive financial inclusion to issue salary cards to its customers across India.


The corporate expense and salary payment solution will help blue collared employees working with SMEs and MSME to receive digital payments via a salary account. Zenpay will also offer customers with a digital salary card and mobile application, which will help them manage their finance efficiently with the help of the interactive dashboard.


Benefits of the Partnership:


  • Instant activation
  • Easy KYC
  • Zero Paperwork
  • Salary card
  • Enhanced customer experience


In a short span of time, Zenpay has benefitted 50,000+ customers across India by increasing their reach and targeted customers especially from the rural sectors who do not have access to banking services. Over the next six months, the company aims to expand their reach by creating 1,00,000 new customers across north India and plans to create a customer base of 1 million customers by 2021.


Commenting on the partnership with RBL Bank, Mr. Ankit Bhargava, Founder & CEO at ZENPAY said, “Collaborating with RBL bank has further helped us to build a trust factor in our customers. It is indeed a matter of Pride for Zenpay to collaborate with one of the leading players of Indian banking sector and we do really hope that this will give us the impetus to achieve new heights. I have always been an advocate for Digital India initiative and I am sure that this tie-up will take India a step closer towards that.”

Mr. Bhargava further added, “Our target customers have been MSMEs who are still using mundane traditional methodologies such as cash distribution to process Corporate Expenses reimbursements for their employees. We saw a gap and quickly launched a solution that meets the needs of this segment, and help process the onboarding as expenses via digital channels. We are delivering this digital salary solution to various industrial areas and remote areas in the country to provide these blue-collared employees a digital salary account which can be seamlessly accessed through a card, a mobile app and web application.”


Mr. Pushpendra Sharma, Head- Digital Payments and Acquiring, RBL Bank Ltd said, “The MSME business has been a focus segment for RBL Bank, we have invested in robust technology platform and built a wide range of digital solutions to empower this segment. Our innovative solutions have helped build several partnerships over the years. We are delighted to partner with Zenpay and YAP to enable Corporate Expenses & Salary payment solution for MSMEs.”, said Pushpendra Sharma, Head - Digital Payments and Acquiring, RBL Bank Ltd.


“Our API platform allows product companies like Zenpay to focus on their core capabilities while leaving the complexity of managing Bank processes, technology to us. This partnership with Zenpay is special as it strives to put technology to good use for a segment that is most often considered “sub-prime” added Mr. Madhusudanan, R, Co-founder, YAP.


The ongoing pandemic has given rise to contactless payments due to which many SMEs and MSMEs are looking for alternatives to manage salaries for blue collared employees and Zenpay’s products will help these companies to provide salaries digitally which will be beneficial for both the employer and employee and will help us in building a digital India.


About Zenpay Solutions:


Zenpay Solutions is a recognized Fintech company established in 2018 with an aim to provide hassle-free digital payment solutions targeted towards SMEs and MSMEs. The company has been significantly aiding Government’s Digital India mission by driving innovation in the digital payment space in such a way that even a non-tech savvy or uneducated users can easily use their digital payment application whether is through mobile application or from the web.


About RBL Bank:


RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 8.44 million customers through a network of 392 branches, 1,221 business correspondent branches (of which 263 banking outlets) and 389 ATMs spread across 28 Indian states and Union Territories.


RBL Bank is listed on both NSE and BSE (RBLBANK).


For more information please contact:


Abhishek Anand

Ph- 7065710988

Email- [email protected]

Abhishek Anand Ph- 7065710988 Email- [email protected]