In what has been hailed as an “unprecedented development”, Indian digital bank ANVI has partnered with Web3 platform Reltime to bolster peer-to-peer payments (P2P) in the country.
This partnership marks the dawning of a “new era” for Indian P2P financial services, making them instant, seamless, secure, autonomous and extremely cost-effective.
Once the new solution is operationalised – expected in H1 2024 – it will serve over a third of the digital currency market globally by user volume – including Bitcoin, Ethereum and others besides digital fiat currencies.
Ash Verma, Co-Founder and CEO of ANVI, said: “Our collaboration with Reltime goes beyond embracing technology excellence and innovations.
“As we prepare to integrate Reltime’s groundbreaking Web3 platform in ANVI’s architecture, our 350,000 strong retailer partners and over 220 million users across the length and breadth of India will greatly benefit from the unparalleled trust, security, transparency and cost-effectiveness.
“Such a scalable and future-proof platform also allows us to launch new services for example, cross-border remittances and lending for the nearly one billion unbanked and underbanked, and the burgeoning middle class in India expected to grow from over 430 million today to over 700 million by 2030.”
ANVI is building an AI-powered digital alternate bank for the unbanked in India that does not require traditional credit card rails or funded bank accounts, building on a base of 220 million unbanked and underbanked users and over 350,000 onboarded retailers over the last decade.
The collaboration with Reltime aims to be a transformative leap as it embraces the latest generation of Web3 and blockchain platforms to modernise its core back-end infrastructure, making it more flexible and secure.
Marlene Julo, Co-Founder and Chief of the Board at Reltime, added: “Our platform’s uniqueness in providing wide-ranging financial and digital services including eKYC, SuperApp, P2P payments, QR code payment and support for digital and fiat currencies will be made seamlessly available on ANVI’s platform and made available to its user base.
“This partnership will accelerate social change, providing empowerment, trust, and unprecedented economic opportunities for hundreds of millions of users.”