Aspora Lets Indian Diaspora Pay Bills Back Home
Sequoia-backed fintech Aspora will let Indian diaspora pay bills back home, simplifying life for NRIs. Until now, overseas Indians had to transfer money to family or Indian accounts, often facing high fees and payment failures. Aspora now allows direct payment of utility bills, mobile recharges, and bank loans with competitive exchange rates, eliminating the hassle.
Image Credits:Aspora
How Does Aspora Help the Indian Diaspora Pay Bills?
Aspora integrates with the Bharat Bill Payment System (BBPS) through Yes Bank’s domestic pipeline. This connection enables users to pay more than 22,000 billers, including electricity providers like BSES and BESCOM, broadband services like Jio and Airtel, and major bank loans. All payments are processed without extra fees, making it a cost-effective solution for NRIs.
What Are the Benefits of Using Aspora for Bill Payments?
NRIs benefit from convenience, speed, and savings. Aspora allows payments directly in foreign currency at the best exchange rates. This removes dependency on relatives or manual transfers, ensuring bills are paid on time. Aspora founder Parth Garg explains that the feature boosts app engagement, giving users more reasons to visit the platform regularly.
Will Aspora Affect Remittances to India?
According to Parth Garg, the new bill payment feature might reduce remittances slightly, by around 4–5%, but it primarily increases platform stickiness. Users make transactions more frequently, which is crucial for Neo banks like Aspora. Overall, this innovation strengthens Aspora’s position as a key financial tool for the Indian diaspora.
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