Instamojo has witnessed a 60% increase in the adoption of its digital payment platform among SMEs in the travel and education sector, post-demonetization. According to the company, SMEs in the education segment have recorded digital transactions between INR 50-60 Crore, while hospitality-based SMEs are next in line, recording digital transactions worth INR 40-50 Crore, on an annual basis. These sectors constitute 12-13% of Instamojo’s merchant base, which currently stands at 2,50,000.
Instamojo has tapped into the growing e-learning market in India and the company works e-learning content developers, competitive exam trainers as well as SMES offering courses in ethical hacking, personality development, etc. Most of these SMEs are based in Tier II and Tier III towns, such as Coimbatore, Ahmedabad, Jaipur, Indore, Patna, Shimla, Mysore.
Instamojo’s payment platform allows these merchants to accept payments instantly via credit and debit cards, e-wallets and UPI payments, through an extremely simple and quick process on mobile and web. The merchants can send invoices to customer by WhatsApp, SMS, email or Facebook, along with a payment link that can be followed to complete the payment process.
The hospitality & travel-based SMEs that have adopted Instamojo’s payment platform include Dukes Retreat in Khandala, Neemrana Hotels, Roadhouse Hostels, which operates a hostel chain in Goa and Jaipur. Instamojo has also partnered with food retailers, restaurants and breweries such as Doolally in Mumbai and Toit, Big Brewsky in Bangalore, among others.
“We, at Instamojo understand the nuances of small businesses and are at the forefront of creating innovative and strategic solutions that drive growth. Our digital payment platform and e-commerce enabling solutions enable SMEs to accept payments instantly and expand their customer base in India, as well as globally. India is the second largest market for eLearning globally and we see a huge opportunity to growl in this sector. Together, education and hospitality-based SMEs are poised to generate more than 1,000 crore GMV in the next two years. With the increasing internet, phone penetration and adoption, we expect more merchants in these sectors to participate in the digital economy. ” said Sampad Swain, Co-Founder and CEO, Instamojo.
