Escrowffrr Looks Forward To Adopting AI And Blockchain Going Forward
Ashwin Chawwla, Founder & CEO, Escrowffrr, a digital escrow payments platform, gives us an insight into the digital payments platform as a whole and how is the sector faring amid the pandemic...
How do you think is the sector going to upsurge in the near future?
The current situation with COVID has unfortunately created challenges of unprecedented scale for all countries across industries. However, the impact would be relatively more severe for some categories than others. As an escrow focused digital payments player we believe this will be a trigger point for further adoption and usage of digital payments. Real estate as a sector which is the sector where we are currently live as a use case is likely to witness some softness in the immediate to medium term. However, certain sub segments within real estate like rentals will be relatively less impacted in our view than let’s say commercial real estate which is likely to be impacted harder. In In the long term this sector will be resilient and will continue to be fundamentally a vibrant one driven by proactive, forward looking regulations and digital transformation.
What is the exclusiveness of your startup, that’s unique from other gigantic players in the market?
As a digital payments player we are focussed on the niche escrow payments space. While escrow as a payment mechanism is not new and has been around globally for around 150 odd years, historically it has been essentially used mostly for specific large transactions such cross border M&A etc. Making it available digitally in a convenient fashion for individual users and small businesses is clearly a need gap. We are leveraging our proprietary, award winning technology platform to democratize escrow led payments by creating a smart seamless user journey on the front end riding on the backbone of large, trusted banks. Our solution is currently live in the resale property transactions space and we are soon launching an offering for rentals and then eventually expand to other categories beyond real estate.
What is the latest mode of technology that you are catering to?
As mentioned we offer a seamless, virtually paperless journey for our users and literally they can conclude large contingent based transactions without having to step out of their homes. We offer a complete digital ecosystem and full suite of offerings such as E KYC, digital contracts, digital signatures, smart dashboards and a secure escrow led payments mechanism at the core. Going forward as we evolve in our journey our technology stack too will incorporate innovative elements powered by AI, blockchain etc.
How important do you think is it for people to rely on technology? Are there any major follies per se?
Technology is a way of life and given the way the world is evolving it has the power to empower us and be a great leveller as we are seeing in the current COVID context. However, it should be leveraged not just for pure economic purposes but for creating a better, healthier tomorrow and for larger “good”. It however cannot do away or take away the power of the physical context hence “phygital” is the most optimal path for businesses to be efficient and effective.
What are your immediate and longterm milestones like?
As mentioned we intend fortifying our presence in the real estate sector with new offerings such as rentals and eventually go beyond real estate to other categories such as used auto, professional services, SMB procurement etc. Currently our geographical footprint is essentially Delhi NCR and we would ideally like to expand to the top 10 cities and further build on talent and tech capabilities.
Lastly, any word of advice for the wannapreneurs?
The ecosystem is vibrant and continues to grow at a rapid pace. There are interesting niches/spaces available for new players to carve out an interesting and compelling value proposition for consumers. I would say whatever you do; stay focused on the customer, simplifying their journey and invest time and energy in the ecosystem to collaborate and create shared value. Persistence and long term cash flow focused orientation is what will make you resilient and “built to last” in an otherwise volatile and unpredictable world
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