New Delhi | 13th July 2020: Underlining its commitment to addressing existing and emerging business challenges with innovative fintech solutions, Gurugram-based digital payments company Escrowpay (formerly known as Escrowffrr) today announced a strategic alliance with Square Yards, India’s largest integrated real estate and mortgage platform.
As part of the strategic alliance, India’s first digital escrow payments platform will be integrated within the Square Connect App to help the brokers and channel partners on the Square Yards platform use it seamlessly. While the initial alliance will be for using the Escrowpay platform on the Square Connect app for resale property transactions, going forward, both parties would explore other use cases of this path-breaking technology within the real estate transactions ecosystem.
Square Connect is India’s largest broker aggregation platform with 150,000 registered brokers who use it daily for secondary listings, demand generation, inventory sharing, and co-broking opportunities within themselves. With consolidated demand & supply, it also provides a platform for real estate developers to reach & market their projects to a large community of agents.
The alliance between the two companies would provide an industry-first digital payment solution to thousands of brokers and channel partners associated with Square Yards at a time when the real estate industry is witnessing disruption due to changed buyer behavior during COVID. With this integration, Escrowpay’s award-winning, escrow focused payments platform will ensure that clients’ transactions for property deals are safe, secure, and successful, thus, building consumers’ confidence in the industry.
Similarly, the brokers and channel partners on the Square Connect App will also benefit from this industry-first initiative as this will effectively address their two major concerns –the success of their client transaction as well as protection of their fee/brokerage.
Speaking on the alliance, Ashwin Chawwla, Founder and CEO of Escrowpay, said, “Channel partners are the backbone of any real estate transaction and we aim to empower them with our proprietary technology by embedding it within a market-leading platform like Square Connect. Real estate today is increasingly phygital in its form and fashion. While discovery could happen on digital platforms, completion of transactions is largely dependent on efficient channel partners and brokers, who if empowered with the right technology platform can ensure seamless and successful transaction closures. We are extremely pleased with this association with a forward-looking and tech-first platform like Square Yards. This will not only help brokers successfully close client transactions but also help them protect their brokerage effectively without the fear of losing their hard-earned money.”
Piyush Bothra, Co-founder & CFO, Square Yards, said “We are excited to announce our alliance with Escrowpay at a time when the real estate industry is undergoing rapid changes. Through this first-of-its-kind initiative, we would be able to safeguard the brokerage and commission of our channel partners and would also be able to bring in increased trust and transparency in our transactions. Our strategic alliance will not just strengthen the consumers’ confidence but also empower over 150,000 channel partners of Square Yards.”