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How Hylobiz is boosting invoice management for SMBs with seamless digitisation

How Hylobiz is boosting invoice management for SMBs with seamless digitisation 150 For most small and medium-sized businesses (SMB) in India, invoice management is a tedious process. Typically, when an SMB generates an invoice on an enterprise resource planning (ERP) software, it is distributed among relevant parties manually or as emails or even as WhatsApp forwards. As the due date looms, SMBs start reminding clients about payments, again often manually. Payments are made through channels like NEFT (National Electronic Fund Transfer), RTGS (real-time gross settlement), instruments like cheques, or even cash. The last leg of the process is invoice reconciliation, and this too is often done manually.

Retail digital payments saw strong growth in FY21 over a year earlier

The pandemic has accelerated the adoption of digital payments in India, especially retail digital payments. In the past year, retail digital payments have seen huge growth as more people gravitated towards digital modes of transaction owing to fear of contracting the virus and convenience. Data from the Reserve Bank of India (RBI) suggests, a slowdown in wholesale transaction value, but volume growth withstood the pandemic. Transactions through National Electronic Funds Transfer (NEFT), National Electronic Toll Collection (NETC), and the Bharat Bill Payment System (BBPS) registered acceleration over the previous year. Other retail payment platforms such as Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and National Automated Clearing House (NACH) saw a near doubling of both transaction volume from 12.5 billion to 22.3 billion, and value from Rs 21.3 trillion to Rs 41 trillion between FY2020 and 2021.

Report: Electronic Payment Transactions Hit N356 47tn in Q4

By James Emejo A total volume of 3,464,811,083 transactions worth N356.47 trillion was recorded on electronic payment channels in the fourth quarter of 2020 (Q4 2020), the National Bureau of Statistics (NBS), stated yesterday. Also, banking sector’s non-performing loan portfolio increased by 15.69 per cent to N1.23 trillion with gross loans of about N20.48 trillion in Q4 compared to N1.17 trillion and gross loans of N19.46 trillion in Q3. According to the ‘Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels and Staff Strength (Q4 2020)’ report, posted on the NBS website, online transfers dominated the volume of transactions with over 2.23 billion deals valued at N120.27 trillion in the review period.

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