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2,000 villages get a friendly digital payment gateway
In a stride towards digital inclusivity, Sai Krishna Chanda, a visionary innovator from the Telangana State Innovation Cell (TSIC) and founder of the startup SunriseMitra, has developed a localised Aadhaar-Enabled Payment System (AEPS).
Hyderabad: In a stride towards digital inclusivity, Sai Krishna Chanda, a visionary innovator from the Telangana State Innovation Cell (TSIC) and founder of the startup SunriseMitra, has developed a localised Aadhaar-Enabled Payment System (AEPS). This groundbreaking initiative is transforming rural banking, enabling financial access for over 2,000 villages across Telangana and Andhra Pradesh.
His journey began with a childhood memory of his grandparents struggling with basic banking tasks. “During my childhood, I saw my grandparents travel long distances for simple withdrawals,” recalls Sai. “This inspired me to create a system that eliminates such challenges, especially for rural senior citizens,” he says.
Founded in 2020, SunriseMitra emerged as a beacon of financial accessibility for rural communities. The startup's innovation integrates seamlessly with AEPS, allowing users to perform basic transactions such as cash withdrawals, deposits, balance inquiries, and fund transfers using just their Aadhaar number and biometric authentication.
Through strategic collaborations with ICICI Bank and the National Payments Corporation of India (NPCI), SunriseMitra has created a robust network of digital banking points across rural regions. The system operates without the need for smartphones, internet access, or even physical bank branches, making it a lifeline for the underserved populace.
“The device, which costs around Rs 2,000, functions like a mini bank, allowing every kirana store to act as a digital banking point,” explains Sai Krishna. These accessible devices are empowering local merchants, especially women entrepreneurs, by offering them additional income opportunities while ensuring villagers have convenient access to financial services.
So far, the initiative has reached 2,000 villages, including Khammam in Telangana, East and West Godavari districts in Andhra Pradesh drastically improving financial inclusion in these areas. Sai Krishna notes that the AEPS system eliminates the reliance on traditional banking tools like ATM cards, PINs, and passbooks, simplifying the process for users of all literacy levels.
“We aim to empower offline, unorganised retailers while enabling individuals in remote areas to participate in the digital economy,” he added.
SunriseMitra’s innovation has not gone unnoticed. Last year, it was featured in the TSIC Intinta Innovations program, further cementing its reputation as a game-changer in the rural fintech space.
Looking ahead, Sai Krishna envisions expanding the network and technology to reach even more villages bridging the gap between technolowgy and accessibility, and making financial inclusion a reality for all.
