Covid has brought massive acceptability for digital payments in rural geography which has created a huge demand and business opportunity.
Tell us about your venture? What kind of innovation is being done by your start-up?
The year 2020 saw India and Bharat coming to age on digital payments both on payments and acceptance. This has been purely been possible through JAM – Jan-Dhan Accounts, Aadhar & Mobile/smartphone penetration. Keeping the above 3 as core and the need for better, faster & easier technological solutions, led to the birth of PaySprint in 2020. India is expected to be a 10 trillion dollar economy in a few years and banking & fintech are going to play a big role in achieving them. Fintech’s have taken the opportunity in 2020 to launch and implement various innovations for consumer growth and this has led to a stronger partnership between the banking ecosystem and the fintech.
At PaySprint, we are pioneering strong partnerships with the banking ecosystem and provide a Unified Open API Platform that would transform how Bharat transacts and leads to larger consumer adoption, interface, and delight.
How is your start-up solving the current problem of Covid-19 pandemic?
In the current Pandemic, we are offering Banking Services right at the doorstep or at the nearest outlet We are aware that both urban & rural areas because of limited mobility, and limited accessibility to ATM’s there is an urgent need for cash outs and we offer these services either through m-ATM or AePS ( Aadhar Enabled Payment System) or UPI cash outs. Also in case of money transfer because of emergency or in need we also support to offer immediate money transfer using IMPS.
There are other needs like recharge or bill payments or loan EMI payments which we also support thru our Neo- Banking Outlets or Doorstep Banking.
Do you have any new campaigns? If yes, what are they?
Currently we are running a campaign of M-ATM as there is a huge demand of cash outs across India both in Urban and Rural.
What’s your business model and revenue visibility?
Our business model is B2B and our major revenue would be generated through re-occurring transactions, hardware sales and on-boarding charges.
We offer APIs for the various banking services right from payments to collections to bill payments to recharges to Digital KYC solution to card payments to cash outs thru Aadhar & UPI to Insurance to Lending to Travel Booking to QR code solutions to Fastag to Lending and may more. The objective is to create 10,000 new entrepreneurs in the next 3 years.
With more people coming into the business, the competition is increasing manifold. How will your start-up be relevant and stand out?
Covid has drawn lot of attention to fintech and hence it has become a booming market with an increase in competition. Although with the experienced team that we have onboard we are 100% confidence to stand out and up to the competition. We are a one stop shop for all digital payments solution and subsidiary services. We have created this model from our team’s rich experience and overcome the challenges faced in our segment. To add to this further technology is the key to success in our field but its acceptability and use-case should be ground rooted. The entire eco-system should have a seamless journey.
Additionally, a successful start-up is the one that resolves out from others even in one aspect or builds up a solution basis the target customer’s main problem statement. Likewise, other sectors there are competitors in our sector as well, however, to answer the question that how we will face then or in other words how we can be different from others
– Ease in onboarding and integration: While we work with various banks and fintech companies to create seamless and easy to integrate APIs and get onboarded on the platform with all the system validation of partner’s KYC and business identification. We believe in onboard on the go, start the integration and go live.
– Choose your preferred bank or service provider as a primary or secondary backup pipe: In general, the API provider has the power to manage the banks and pipes, but in our case, we have given API partners the power to choose and manager their preferred banks or service provider through which they can get their transactions processed from.
– Variety of services at a single dashboard: Getting all type of neo banking solution under one single Dashboard allows any enterprise to manage its business more effectively and efficiently in terms of faster turnaround times, lesser manpower cost and all metrics of business available real-time.
What challenges are you facing currently and how are dealing with them?
There are lots of changes going on currently with regards to bank’s business policies especially related compliance due to a rise in cyber frauds which is all right but in doing so an honest merchant should not feel scrutinized or awkward. Hence we are working on solutions to overcome this where user experience is smooth and friendly while keeping the compliance in check as well because maximum users are from rural India and they still need guidance and education to adapt to new technology along with compliance
How are you planning to scale it up in the current scenario and post-Covid era?
Covid has brought massive acceptability for digital payments in rural geography which has created a huge demand and business opportunity. Along with digital payments we have a bouquet of products to offer, we are also confident about our ability to customize and deliver bespoke solutions to our targeted segments be it Start-ups, SME, MSME, entrepreneurs.
How do you foresee your start-up’s future as per the current scenario of the market?
From our experience, we understand the shortfall that needs to be overcome in our segment to provide ‘ease of doing business’, although our bespoke solutions can really help businesses access a much better user experience. Considering this we foresee our self in the top 3 spots in the industry within a year’s time.
Did you receive any support from the government directly or government policies?
We are at a time where the Government, RBI, NPCI, Banks and the entire ecosystem are very supportive to the fintech players and have also created regulations which support innovation along with compliances
The Government today is very proactive and recognises & appreciates the work that the fintech’s, the BC partners and merchants are doing in supporting digital payments in every nook and corner of India In fact they have recently issued a circular to provide Covid vaccination on priority to the entire community of BC partners and merchants as they are part of essential services and critical for Digital Payments.
Source: Business World
