Tide will offer payment services to small businesses across India, starting with a Tide Business Account, accompanied by a Tide Expense Card. These Tide Expense Cards will be offered in partnership with Transcorp powered by RuPay. Other payment and business services will follow later this year. The partnership leverages the expertise of RuPay, India’s indigenous payment network, the long-standing reputation of Transcorp, and Tide’s vast experience with SMEs in the UK, to help small businesses in India save time and money.
Commenting on the partnership, Oliver Prill, CEO, Tide, said, “Launching Tide’s business financial platform in India has been our priority since we announced our international expansion. We are looking forward to serve the 64 million and growing SMEs in the Indian market. With Transcorp, we are ready to begin our initial product offering of Tide India, in order to build the best possible service to help SME owners save time and money.”
Users will be able to activate and manage their Tide Business Account and Tide Expense Card through the Tide app, which will also be used to load money, collect payments and check spends, amongst other services.
In a statement, Kumar Shekhar, VP, Tide (India), said, “We, at Tide, wish to support entrepreneurs in their journey and believe we’re in a strong position to do exactly that. As we scale-up in India, we will expand our product offerings for small businesses who wish to take the big step of starting out in business – whether it’s as a contractor, freelancer, sole trader, or small business owner.”
The needs of SMEs globally are largely universal, with time wasted on business and administrative tasks being a key issue. In the next year, Tide plans to introduce a few more features like Business Savings/Current Account in partnership with a RBI-licensed bank, Fund Transfer, Invoicing, GST and Pay by link and Credit services, for its members.
“SMEs are India’s economic backbone but remains financially underserved. With Tide, we aim to include them into the formal economy by delivering excellent products and exceptional service,” said Ayan Agarwal, Vice President, Transcorp, in a statement.
Small businesses that are just starting out will find the business accounts helpful for their daily transactions and expenses. Tide plans to partner with a range of service providers from payroll providers to credit partners.