HUMBL, a US fintech delivering mobile payments and financial services, and Digital India Payments Limited (DIPL), announced a strategic partnership to enter the India market.
DIPL processes millions of dollars per day in financial and retail transactions, across 30,000 merchant locations in India, with extensions into Nepal, Bangladesh, Maldives, Myanmar and Sri Lanka.
HUMBL has developed a HUMBL – Mobile App that allows customers to send money, receive money, exchange money, pay bills or pay merchants; as well as physical agent locations called: HUMBL Hubs.
Varying by location, HUMBL Hubs will be offering walk-in services to customers, such as cash pickup, foreign exchange, fair lending, bill payments, pre-paid cards, store credits, travel bookings, internet and cell phone minutes from local merchant (“agent”) locations.
HUMBL Hubs® agents will perform these services via HUMBL® Mobile Pay and HUMBL® POS Tablet products, across a network of 30,000 trusted, highly trained DIPL retail locations, in a variety of urban and rural connectivity settings across the region.
“HUMBL® is doing to global financial services what UBER did to the local taxi markets,” said Hari Prasath, Managing Director of DIPL. “Delivering high quality financial services by pairing local consumers and merchants together through mobile technology, anywhere in the world.”
“Our younger Indian customers don’t want to visit multiple service branches to wait in long lines, pay expensive fees and highly variable rates,” continued Prasath. “HUMBL gives them mobile financial services – faster, cheaper and in nearby locations.”
HUMBL was recently featured by APAC and Oceania government leaders surrounding the UN 2030 Agenda, as a future global model for financial inclusion, quality and pricing controls, and reduced cross-border remittance costs.
“The 375 million people using Apple Pay are not the total addressable market,” said Brian Foote, CEO of HUMBL. “HUMBL was built to serve the other 7 billion global consumers for whom the cost, use and movement of money is on a very different grid,” said Foote.
HUMBL will also be working with DIPL in support of globally innovative “Smart Grid” India government programs, which use biometric identifiers – like facial recognition or thumbprints – to help Indian customers with simplified banking, financial and government services at local HUMBL Hubs®.
“We’re honored to partner with a proven operator like DIPL for channel distribution in the region. We look forward to putting HUMBL technologies to work for 1.4 billion India customers alongside them,” Foote said.
“The total cost of sending and exchanging money into many emerging markets still hovers around 10%-20%, with short-term loan rates in excess of 30%, for people who can afford it the least,” said Foote. “HUMBL is working to cut those costs in half, while saving customers billions of dollars at scale and getting more people into the India tax base at the same time.”