Establishing local partnerships has been at the heart of AstroPay’s growth into the Indian market, according to CEO Mikael Lijtenstein, as it continues to adapt to the regulatory hurdles sweeping the country.
Speaking to SBCNews, Lijtenstein went into detail about the company’s experience within emerging markets in recent years, and how AstroPay plans to draw upon those prior learnings to support its understanding of the Indian market.
Looking ahead, he stated: “Considering the pandemic and its effects on payments, we plan to widely offer users a solution that will broaden their possibilities to access digital payments in a secure and easy mode. Digital wallets are having a starring role in this new scenario and that is why we have developed One Touch, our e-wallet which can be integrated from a simplified integration process through an auto-enrolment channel, with little to none IT intervention required on the merchant side.
“One Touch provides the possibility of identifying users from a single code as well as to have a closed-loop on them diminishing the chances of fraud. Receiving deposits from a simple touch, generates greater fluency and less friction in the interaction between the merchant and its customers providing a seamless experience.”
He added: “We believe regulatory changes are definitely a constant challenge and those who have the ability to adapt to changes are the ones to succeed. The experience gained in the various countries in which we operate has exercised and developed our capacity to adapt.”
“The key has been understanding the market and its regulation, as well as users’ needs in their context. We offer them a tool that has proved useful to deposit and withdraw money easily and that has increased their access to digital money.”
Discussing how the ‘Indian Challenge’, which was launched in September 2020, has helped them build strong relationships with local partners, the CEO disclosed that AstroPay wanted to facilitate a smooth entry into the Indian market for merchants.
He continued: “With the Indian Challenge we wanted to highlight the possibilities AstroPay offers to merchants: a vast experience on dealing with emerging markets all over the world, a community of more than two million users worldwide, and more than 200 payment methods available, which makes it easier for merchants to process deposits and withdrawals.
“The offer targeted merchants that did not have the Indian market developed in order to provide them with the opportunity to enter it easily and safely, hand in hand with a payment solution that understands it.”