• Consumers can now access e-wallets (prepaid payment instruments) on Amazon Pay & Simpl, through SugarBox Networks
• SugarBox is set to revolutionize the fintech industry by enabling digital payments in offline and intermittent environments
• 2022 to witness growing partnerships with the fintech industry
Mumbai, February 24th, 2022: SugarBox Networks, whose Hyperlocal Edge Cloud based technology is building the backbone for the internet of the future, has partnered with Amazon Pay, digital payment platform enabling convenient & simplistic payment solutions, and Simpl, a platform that empowers merchants and customers with commerce solutions, to enable payments in line with the progressive Digital India vision. By facilitating payments across geographies, this partnership edges closer to building an innovative solution for consumers, across the underserved and unserved geographies.
With this partnership, SugarBox aims to make fintech accessible to 425 Mn people by 2026. Aligning with the Digital India mission of connecting the next billion users, SugarBox Networks has implemented their technology across areas of eminent consumer interest, such as villages, trains, metros, and are inching closer to being present in flights, hospitals and across other public-gathering environments.
This strategic association will focus on providing e-wallet users a seamless one-click payment experience on Amazon Pay, further strengthening the digital payments ecosystem.
Speaking about this partnership, Mr. Vikas Bansal, Director, Amazon Pay, added, “Customers are now looking for payment platforms & propositions that provide a secure, trusted, and convenient experience. Our partnership with SugarBox will allow “Amazon Pay Balance: Money” (prepaid payment instrument) users to transact online, seamlessly, enhancing their payment experience. This initiative is in line with our endeavor towards simplifying the daily lives of our customers and driving digital adoption for Amazon Pay, by enabling customers to pay anyone, anywhere”.
Digital payments are expected to witness even further growth in the coming years. Reduced dependency on cash, fast transfer speed, and the ease of transacting, is what makes digital payments a preferred option. Though e-wallets have exhibited rapid adoption and recorded a growth of 30.19 per cent during the year ended March 2021, a large number of consumers do not have access to these options. SugarBox aims to address this digital divide, by empowering them with access to connectivity.
Nitya Sharma, Co-founder & CEO, Simpl elaborates, “Simpl, founded in 2015, is one of the pioneers to spearhead the ‘Buy Now Pay Later’ concept in India and our efforts have yielded overwhelming results. We are enabling merchants across product categories and end-customers across segments, to unlock multiple benefits from a single unified platform. Over the years, Simpl has added new verticals to its existing product portfolio attuned to evolving customer expectations, changing merchant requirements and dynamic market scenarios. Often the absence of a stable network is a huge barrier to reliable connectivity. And this is why our association with SugarBox is a significant move towards reaching out to a wider audience, for seamless transactions”.
To initiate these payments, the user will have to link their e-wallets with SugarBox, thus ensuring subsequent payments are managed seamlessly. At scale, SugarBox Networks envisions to augment the existing internet infrastructure and enhance digital experience be it in remote areas, in-transit, or even when the network is patchy.
Speaking about how this partnership creates value, Rohit Paranjpe, CEO & Co Founder, SugarBox Networks, said, “Digital payments are forging a new era, by themselves. Enabling digital payments for a consumer in an urban geography or a village, speaks volumes of how the existing digital divide could soon be diminishing. Our partnership with Amazon Pay and Simpl, is an initiative to revolutionize and empower consumers across ‘Bharat’ and ‘India’. We, at SugarBox, are relentlessly focused on building the backbone for the internet of the future, through simple ideologies of offering affordable, accessible and reliable connectivity”.
India has witnessed exponential growth in digital payments over the last few years. According to the Ministry of State for Electronics and IT, digital payments have grown five folds from 1,004cr in 2016-17 to 5,554cr in 2020-21, with mobile transactions leading the way. While this is an encouraging sign, the payments industry continues to be dependent on an active and reliable network for rapid growth, and as a result lacks presence in the underserved and unserved parts of the country.
About Amazon Pay
Amazon Pay is a trusted, convenient, and rewarding way to pay for anything, anywhere on and off Amazon.in. Amazon continues to extend the convenience of Amazon Pay by making it possible for millions of cash customers to start making digital transactions and support the Government’s vision of encouraging electronic payment, leading to a less-cash society in India. Amazon Pay smoothens the customer experience of online payments at the time of placing orders with the benefit of ‘one-click’ payments leading to a faster and smoother check out process. With its cash-load feature, Amazon Pay also solves the pain point of tendering exact amount of cash at the time of delivery. For more information, visit: https://www.amazon.in/b?node=22222997031
Co-founded in 2015 by Nitya Sharma, Simpl is India’s fastest growing Buy Now Pay Later platform, and is on a mission to make payments invisible and money intelligent. Simpl is on a mission to empower merchants to build trusted relationships with customers, one transaction at a time. With more than 10,000 available merchants, 25 million users pan - India, Simpl envisions creating an inclusive digital payments experience for India that empowers and fosters trust between merchants and their customers.
Simpl is the leading Pay-Later platform in India, providing a full-stack solution for e-commerce conversion. It enables merchants to give their customers 1-click checkout, buyer protection and a pay-later facility to allow them to feel safe and trusted when shopping online. With Simpl, merchants are able to provide consumers an easy, safe and intuitive user experience.
About SugarBox Networks
SugarBox Networks is the world’s first Hyperlocal Edge Cloud platform that enables Users, Networks (ISPs, Internet Infra providers, etc.) and Digital Services (Apps, Websites, etc.) alike, to harness the power of Local Area Networks. With this technology at its heart, the company is reimagining connectivity for the underserved and unserved globally, in order to make internet accessible, affordable, and reliable for the masses, whilst being economically viable for the internet ecosystem.
SugarBox, co-founded by Rohit Paranjpe, Ripunjay Bararia and Devang Goradia in 2016, installs Edge Servers at places where users are present and prone to access digital services (POIs). These Edges are installed close enough to the users so that they can now be accessed via wired and wireless Local Area Networks, to reduce the amount of internet bandwidth required by users. This disruptive technology also enables Apps and websites to function seamlessly, even when the internet network is patchy or if the network goes off altogether for a while, using its patented technology. Read more about SugarBox here