What Yes Bank partnership means for Solo Expenses users6 December, 2018 12:09 pm
Daring to be different has always kept Solo Expenses at the front of the online expense management software business – and our latest development breaks even more new ground with an innovative banking partnership.
It began with the launch of Solo Expense online expense management software as the first app of its kind to be developed with the sole trader in mind.
And now we’re still breaking new ground, fifteen years on, by developing a new first for customers in India – the opportunity to use the first expense manager app to seamlessly integrate expense management and payment using the BHIM UPI. IN doing so we are working at the cutting edge of online expense management software, supporting thousands of businesses in being more efficient and making the best use of their time backed by accurate expenses claims.
Our partnership is with Yes Bank, the fourth largest operating in India’s private sector
So what is BHIM UPI?
BHIM is short for Bharat Interface for Money, and it’s a mobile app developed by the National Payments Corporation of India, based on the Unified Payment Interface (the second part of the initials). It was launched by Indian Prime Minister Narendra Modi at Digi Dhan mela at Talkatora Stadium in New Delhi less than two years ago in an initiative aimed at moving the country closer to being cashless.
Fine. But what does it mean for me?
It’s another streamlining of your small business expense management software; a further value-added feature to an app that’s already feature rich.
BHIM allows money transfer between individuals, paying bills on merchant web sites, or, and here’s the Solo Expenses link, you can scan a QR code with a participating merchant and use it to make a payment AND simultaneously capture the expense.
All you’d then need to do would be to photograph the receipt (maintaining a paper trail, even though it’s only virtual paper) and submit the expense for payment. You could have the expense submitted before they’d finished making you cup of lassi.
And that’s what it means for you and your business. A seamless link between you and your employees, a merchant, a bank, and an expense claim – completely secure and made in less time than it takes to explain.
It’s also worth bearing in mind that transactions made using this system are secure – and because we’re working with Yes Bank we’re able to share in its ethos of growth, trust, technology, and responsible banking – and you heard that from Yes Bank founder Rana Kapoor.