Paylo.in is an India-based offline payments platform founded by former Foodpanda Managing Director, Rohit Chadda in 2015. Foodpanda is a global mobile food delivery marketplace powered by Rocket Internet.
Paylo.in has recently acquired in-restaurant payments app, Ruplee. This acquisition will see the merger of both teams and products. Besides that, through this acquisition, Paylo.in, which is a multi-channel payments platform will help Ruplee expand their services into more distribution channels.
Ruplee was conceptualized in 2014 by young Indian woman-preneur Natasha Jain. It serves as a payment gateway, taking typical offline restaurant payment experience online via a mobile app. Since it’s lunch, Jain has managed to evolve the app into beyond just a payment portal.
Now, Rupee can be used to earn deals and credits for each payment transaction, a gamification strategy to increase adoption.
As mentioned by Chadda in a statement,
“I want to address and realize the true potential of digital payments in a country like India which has over 1 billion phone connections but only 40 million mobile banking users. The bigger problem I think is that only 6% of merchants in the country, at present, accept cashless payments. Ruplee is a young innovative platform with a strong team which has worked hard to understand how offline payments work,”
After the relaxation of regulations in digital payments by the Reserve Bank of India and the Indian finance ministry, Paylo.in and Ruplee will now seize the opportunity to rapidly expand and enhance their platforms through this acquisition.
*Image taken from Inc42