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Payments General

New Indian challenger Payzello launches

Monday 10 June 2019 | 02:32 PM CET

Payzello is a new challenger bank in India, focusing on the retail market that offers a wide variety of products, with a specific focus on personal finance management.

In its list of offerings, the company includes a single card for both debit and credit, app-based loans, money transfer and request, end to end expense management, Bharat QR, three minutes’ account opening, among others – and all this with zero paperwork.

A chatbot is included in the app, called Ello. It was made for conversations regarding users’ finances and provides suggestions.

Currently, Payzello is not a bank, although it has partnered with multiple banks to provide users with financial solutions. However, Payzello does have ambitions to apply for a banking licence. Its banking partners are Laxmi Vilas Bank and Yes Bank.

Payzello is available both in Android and iOS.

More: Link
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