BlocPal, digital transaction platform, has teamed up with Indian entrepreneur Shashank Joshi to create a new India-based fintech startup, mBnk. According to the duo, mBnk will initially focus on allow premium retailer locations in both rural and semi-urban areas to provide essential financial and banking services to their communities.
“mBnk plans to ‘leapfrog’ this critical problem by leveraging Shashank and his team’s industry success and longstanding relationships together with BlocPal’s digital transaction platform. The mBnk digital retail solution will deliver a financial marketplace that enables retailers to offer their customers ‘mini-banking’ financial services including the ability to deposit and withdraw cash, execute domestic money transfers, purchase pre-paid credit cards, buy air-time and pay for utilities.”
BlocPal further explained that mBnk will further extend financial services directly to citizens of India and their family and friends abroad with a consumer digital wallet application, creating a more connected physical retailer and consumer experience. Consumers will have access to financial services through their own smartphone devices. In regards to BlocPal’s partnership with Joshi, Nick Mellios, founder and CEO of BlocPal, added:
“We have found a tremendous partner in Shashank and his team to financially empower the underserved population in India. We believe India is one of the biggest market opportunities for financial services globally.”
Founded in 2017 BlocPal is on a mission to provide the world a simple, fast, and secure digital transaction platform that allows anyone to transact in their currency or asset of choice. A leader in the emerging digital economy, BlocPal empowers consumers, merchants, and enterprise customers to participate now in this digital economy, which includes both fiat and cryptocurrencies.