TraQiQ, Inc., a leading provider of last mile & Fintech solutions announced that its subsidiary, Mimo-Technologies, is now collecting payments on behalf of its B2B customers in India. The team expects to collect over $1 million this month.
With a ground presence of 14,000+ task associates and a robust mobile app, Mimo is using its large field force of highly trained ‘gig’ workers to fulfil tasks across India. The area of collections is critical for companies especially in financial services, who offer products and services and need to collect money from people who don’t have a credit card or a bank account. As an example, India has several Microfinance organizations that offer loan amounts of a few hundred dollars to individuals to buy equipment or provide working capital to help them become entrepreneurs. The Mimo team goes to these loan recipients every month to collect their monthly re-payments.
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Similarly, Mimo has a partnership with Railtel. Railtel is one of the largest Broadband infrastructure providers in India. They own and operate a nationwide fiber network that runs alongside train tracks across India. The Mimo team collects payments from Railtel subscribers. “We are very excited about this partnership with Mimo. They are facilitating collections for us from remote & rural areas. The Mimo team is very efficient, courteous and enables us to maintain a direct connection with our subscribers” said a Railtel representative.
This service is made possible by the pre-paid wallet that the Mimo task associates carry. They pre-pay the money in the Mimo app before they head out to collect the receivables, thereby eliminating any financial risk to Mimo. The app enables them to collect and account for payments that are collected via cash, check, card or any other medium. The Fintech product stack allows for seamless integration of the wallet and the collections.
“The Mimo team is excited to be able to offer this new service. This segment offers tremendous growth potential for TraQiQ and Mimo. Our target is to grow to monthly cash collections of $15 million (GMV) in one year. We are increasing our investment in our internal infrastructure and teams to start scaling up this business rapidly” said Lathika Regunathan, President of Mimo. “In a market like India where cash usage continues to grow rapidly, Mimo’s cash collection business will be an invaluable partner to financial institutions in the Indian market.
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