Bettamint introduces its payment product ‘Bettapay’: The future of Construction Payments
In a significant move to modernize construction payments, Bettamint is proud to announce the launch of Bettapay. This groundbreaking payment solution is engineered to simplify and precision-target construction-linked payments, offering a smarter way to manage financial transactions in the construction sector.
Bettapay is uniquely designed to cater to the nuanced requirements of the construction industry. It can synchronize payments with specific project parameters such as RA bill measurements, debit notes, worker attendance for wage payments, and even rewards and incentives for completing time-sensitive tasks. This ensures that payments are not only precise and timely but also relevant, accurately reflecting the actual work done.
By adopting Bettapay, developers and contractors can significantly reduce the administrative burden associated with authenticating, billing and recording field payments. With powerful digital ledgers that not just cut down operational costs but also help avert cost overruns, measurement fraud, rework costs and project delays – all common pain points in the industry. This system provides an unprecedented level of control and transparency in financial management, enabling companies to maintain tighter budget control, minimise risks and protect shrinking builder margins.
Bettapay represents an important milestone in our mission to bring efficiency and transparency to construction operations,” stated Kezya de Bragança, CEO of Bettamint. “We understand the complexities of authenticating and recording construction payments. By integrating precise payment triggers with our platform, we’re ensuring that construction companies only pay for what is due. Bettapay brings a new level of precision and accountability to field operations. It also makes projects more attractive to lenders. Our goal is to empower construction companies to achieve greater operational efficiency, protect margins, reduce financial risks, and deliver projects on time and within budget. In doing so we are also creating an authenticated record of earnings for independent contractor s and workersopening up new doors to affordable finance. It is a win-win for all stakeholders. ”
The launch of Bettapay aligns with the Indian Government’s recent directive, reported on 31 January 2024, urging employers to ensure that all wage payments to workers are made digitally. The platform not only simplifies compliance with this directive but also benefits lending institutions and regulatory bodies like RERA by providing a centralized data repository for enhanced project oversight and transparency.
Construction tech startup Bettamint last year tied up with Prestige Group’s construction arm K2K Infrastructure and Brigade REAP to manage informal workers at the construction sites of projects. The company, currently operational in Bangalore, is planning to expand to Mumbai, Pune and Delhi-NCR regions.Over the next two years, Bettamint aims to invest a significant amount in three phases, initiating operations in several cities, starting with Bangalore in Karnataka, and gradually expanding its reach to cover the whole of South India before pan India expansion. Bettamint offers builders an interface to digitise their workforce operations while also getting the benefits of increased productivity, improved quality, reduced attrition and enhanced project timelines.
About Bettamint
Bettamint, a leader in construction workforce management, is dedicated to enhancing the operational efficiency of construction projects. With innovative solutions like Bettapay, enables better oversight, incentivisation and better control of construction outcomes, risk minimization, and profit protection, positioning construction businesses for success in a competitive environment.
