Ecaps (Electronic Cash and Payments Solutions)

What Ecaps (Electronic Cash and Payments Solutions) does

Ecaps (Electronic Cash and Payments Solutions), founded in 2013 and operating through Electronic Cash and Payment Solutions (s) Pte. Ltd, is a Singapore-incorporated open banking platform with primary operations based in Bangalore, India. The company targets underserved urban, semi-urban, and rural Indian populations through a two-tier distribution network of more than 4,000 distributors and 80,000 retailers spanning 16 states, delivering last-mile access to digital payments, money transfers, recharges, insurance, travel bookings, courier services, and White Label ATM services. Its customer-facing claim of serving 40 lakhs+ end users and impacting 120+ lives per minute frames the business as a financial inclusion platform rather than a pure payments processor.

The product architecture is modular and centered on the ECAPS ASSIST core (digital payments, money transfers, bill payments), extended by ECAPS HEALTH (insurance and telemedicine via V-Health Aetna), ECAPS EDGE (credit facility and working capital loans), ECAPS JOY (blockchain-based assisted e-commerce connecting retailers to manufacturers), ECAPS ASPIRE (HITACHI India WLA ATM/CRM deployment), and ECAPS COLLECT (UPI-based multi-app QR payment gateway). The technology stack combines an open banking platform with blockchain-based e-commerce infrastructure and QR-driven payment collection, and supports API-based merchant integration alongside a dedicated partner portal at payism.biz.

Ecaps generates revenue almost exclusively through commissions and transaction fees: per-transaction retailer/distributor commissions on payments, recharges, and money transfers; insurance distribution commissions; ATM/CRM revenue share under the WLA model with HITACHI; and API solutions for merchants. The company operates with a headcount of 51-100 employees, has not disclosed any external funding rounds, and runs a distributed marketing motion anchored on social media (LinkedIn, Facebook, Instagram, Twitter, YouTube) and a partner recruitment program, with leadership held by co-founder and Managing Director Nandish Domlur and COO Sathish Kumar.

Name

Ecaps (Electronic Cash and Payments Solutions)

Legal name

Electronic Cash and Payment Solutions (s) Pte. Ltd

Website

https://ecaps.in

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Ecaps is a Singapore-incorporated open banking platform operating in India, delivering digital payments, financial services, insurance, e-commerce, and ATM deployment through 4,000+ distributors and 80,000+ retailers serving 4 million+ underserved consumers across 16 states.

Ownership category

akta.pro rank

Product category

Open Banking Platform

NAICS

Sales Financing (52222)

SIC

Finance Services (6199)

akta.pro primary industry

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

akta.pro secondary industries

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Open Banking APIs & Connectivity (FSAMAFAA), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

Keywords

• Digital payment platform
• Open banking services
• Financial inclusion solutions
• Retailer distribution network
• UPI payment gateway

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Commissions: Retailers and distributors earn commissions on each transaction processed through the platform, including digital payments, money transfers, recharges, and other services.
2. API Solutions for Merchants: Revenue generated from providing API solutions to merchants and businesses to integrate Ecaps payment and financial services.
3. Insurance Distribution: Commission revenue from distribution of insurance products including life insurance, Hospicash, general insurance (two/four-wheeler, third party, travel), and telemedicine packages.
4. ATM/CRM Revenue Share: Revenue share from ATM and Cash Recycler Machine deployment at retailer outlets under the WLA revenue share model with technology partners.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Ecaps operates an open banking platform that delivers digital payment, financial inclusion and banking-adjacent services through a network of distributors and retailers across 16 Indian states. Through the ECAPS platform (including ASSIST, COLLECT, HEALTH, EDGE, JOY, ASPIRE, plus recharges, courier and travel modules), retailers and distributors can offer money transfers, UPI-based digital payments, recharges, insurance and telemedicine, credit facilities, blockchain-enabled e-commerce, and ATM/CRM services to underserved urban, semi-urban and rural consumers.

Product overview

Ecaps operates as an open banking platform with a modular product architecture centered on the ECAPS ASSIST core product, supplemented by multiple add-on services and specialized modules. The platform serves retailers and distributors across 16 Indian states, providing digital payment infrastructure (ASSIST, COLLECT), financial services (EDGE credit facilities), insurance and healthcare (HEALTH), e-commerce (JOY), ATM deployment (ASPIRE), and utility services (recharges, travel, courier). The ecosystem is positioned for financial and social inclusion of underserved urban and rural populations through a network of over 80,000 retailers.

Differentiator

Problem solved

Functional benefit

Brands

• Assist: Core digital payment and money transfer services platform
• Health
• Edge
• Joy
• Aspire
• Collect

Products and services

• ECAPS ASSIST Core digital payment and financial services module of the ECAPS Platform that enables money transfers, utility bill payments and basic banking transactions for retailers and distributors who then serve end customers.
• ECAPS HEALTH Insurance and telemedicine distribution suite offering life insurance, Hospicash, general insurance (two/four-wheeler, third-party, travel) and doctor consultation / telemedicine packages through V-Health Aetna at Ecaps retailer outlets across India.
• ECAPS EDGE Premium version of ECAPS ASSIST providing on-demand day loans and working-capital credit facilities to retailers, with loyalty cards and customizable agent margins for business expansion.
• ECAPS JOY Assisted e-commerce platform built on blockchain technology that connects the Ecaps retailer network in urban, semi-urban and rural India directly with manufacturers for inventory procurement.
• ECAPS ASPIRE ATM and Cash Recycler Machine (CRM) deployment service under a White Label ATM (WLA) revenue-share model with HITACHI India, increasing footfall and visibility at Ecaps retailer outlets in areas underserved by ATMs.
• ECAPS COLLECT UPI-based payment gateway for merchants and retailers that generates QR codes for specific transaction amounts and accepts payments from any UPI app (PayTM, Google Pay, PhonePe, banking apps), eliminating cash handling and multi-app management.
• Recharges Single-interface recharge service offering mobile, DTH and data-card recharges across multiple telecom operators, delivered through Ecaps retailers with reported high commission earnings and a 99% transaction success rate.
• Courier Services Logistics / courier service enabled through the ECAPS Platform that lets retailers offer general courier and e-commerce deliveries, including within a 3 km radius, leveraging existing shop manpower during off-business hours.
• Travel Ticket Booking Instant travel booking platform for bus, train and air tickets as well as hotel reservations, offered through Ecaps retailers for migrant populations and end customers.

Quantifiable outcome

• 99% transaction success rate for recharges
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• HITACHI IndiacoreTechnology or IntegrationHITACHI India provides Automated Teller Machine (ATM) and Cash Recycler Machine (CRM) technology for deployment at Ecaps retailer outlets under the WLA (White Label ATM) revenue share model. This partnership enables Ecaps to offer ATM services through its retailer network, addressing the gap of ATM availability in underserved areas where only 22 ATMs are available per 100,000 people in India.
• V-Health Aetna GroupcoreTechnology or IntegrationV-Health Aetna Group partners with Ecaps to offer telemedicine packages including doctor consultation and health checkups through 1,600 partner outlets across India. This partnership enables Ecaps HEALTH to provide healthcare access to rural and underserved populations through Ecaps retailers.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Spice Money: Spice Money (formerly Sodexo BRS) runs a fintech platform offering AePS, money transfer, recharge, insurance and lending through a large retailer network, closely mirroring Ecaps' product suite and target segments.
• FINO Payments Bank: FINO Payments Bank delivers banking, payments, and financial inclusion services through a BC/merchant network in rural India, directly overlapping with Ecaps' financial inclusion and last-mile banking proposition.
• Pay1: Pay1 enables small retailers to offer digital payments, recharges, bill payments, and travel bookings as service points, with a similar partner-led distribution model serving tier-2/3 India.
• PayNearby: PayNearby operates an identical assisted-commerce and digital banking platform through a vast retailer/distributor network in India, directly competing with Ecaps in the same underserved, last-mile banking segment.
• BharatPe: BharatPe provides UPI-based merchant payment acceptance, lending, and business tools to small retailers in India. It overlaps with Ecaps' COLLECT payment gateway and EDGE credit offerings for the kirana ecosystem.
• Eko (Omega Technologies): Eko provides digital financial services (money transfer, AePS, recharge, bill payments) via a retailer network targeting migrant and unbanked populations in India, paralleling Ecaps' target customer and channel model.

Broad incumbents

• MobiKwik: MobiKwik operates a digital wallet, payments, and lending platform with merchant and consumer-facing services that overlap Ecaps' recharge, bill payment, and credit offerings at a larger, more established scale.
• PhonePe: PhonePe dominates UPI-based merchant payments in India and competes with Ecaps COLLECT on acceptance and recharges, while also being an integrated payment option within Ecaps' QR gateway.
• Paytm (One97 Communications): Paytm is a much larger full-stack digital payments and financial services platform that competes with Ecaps on UPI acceptance (COLLECT), recharge, travel, and insurance while also being one of the apps integrated via Ecaps COLLECT.

Regional players

• Oxigen Services (Paytm Payments Bank legacy): Oxigen was a pioneering assisted-payments retailer network in India offering recharges, bill payments and money transfers through small shops, sharing Ecaps' heritage of last-mile digital service delivery in India.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ecaps_india
• YouTubeyoutube.com/channel/UClhDigcZvh5PVhXmgL7gREw?reload=9&view_as=subscriber
• Facebookfacebook.com/Electronic-Cash-and-Payments-Solutions-103109418219943
• LinkedInlinkedin.com/company/ecapsindia
• Instagraminstagram.com/ecaps_india

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ecaps (Electronic Cash and Payments Solutions)