Articles
PayQ Power SMEs to Kirana, enables digital billing to Geo tagging
by Shibabrata Bhaumik I’m an Entrepreneur, Angel Investor & a Philanthro
While Paytm, Google Pay, Naspers-owned PayU and other
players were aggressively trying to rope in small businesses on their platform,
as B2B doesn't bleed the business, the big scramble is
for over 60 million small businesses. The UK based Fintech start up PayQ and its CEO Shibabrata Bhaumik is trying to get them
hooked to the PayQ payment gateway and then offering them a host of services,
including loans, and easy payment acceptance and settlement to small businesses
including Kirana shops and that would lead to an intense battle, where
incumbents could face the heat.
The coronavirus pandemic might help to achieve India’s stated goals of
creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighborhood stores now want contactless
digital payments and that demand dovetails with what lenders want in lieu of
working capital loans - digital invoices and online transaction records.
The multi-currency, multinational payment processor PayQ, which is now active
in India in a sandbox environment along with other leading UPI player have
started to tap into the new customer trend who relies deeply on smartphone
access for online payments. Financial companies are leveraging this opportunity
to meet demand through digital media.
PayQ founder Shibabrata Bhaumik is fond of Indian Financial regulators like
RBI and SEBI who encourage the innovation in the Fintech space by allowing
start-ups to experiment in ‘sandboxes’ that will offer them temporary
regulatory protection especially during the pandemic stage.
As regulators like RBI and SEBI develop the framework for
these sandboxes, UK-based fintech start-up PayQ now wants to be allowed into
these sandboxes to get more comfortable with financial transactions for
domestic as well as cross border transactions.
Shibabrata’s Fintech start up PayQ, headquartered at
London, which is growing at breakneck speed, is known for implementing block
chain for Frictionless Payments and has surged $1.2 billion in the last
financial year.
In conversation with Digpu, Shibabrata said, “As regulators
and state governments here in India has set up sandboxes for Fintech companies
and they are providing relaxation, we are working with them to open the
sandboxes and operate within the guidelines”
Sandboxes are regulatory safe havens created for Fintech
start-ups to operate in. They allow live testing of new products or services on
real customers in a controlled environment. If these experiments are successful
and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to
operate in the open market under full regulatory supervision and will compete
with the major UPI payment players like PhonePe and PayTm.
PayQ’s digital payment platform also includes digital
billing to even geotagging, Shibabrata believes that merchant digitization
business will boom when the lockdown eases. PayQ also deals with merchant
account for high risk businesses like payment
gateway for tech support, Merchant account for Pharmacy and aims to go beyond the traditional payment method to
revolutionize the e-commerce industry.
Shibabrata announced small ticket credit to PayQ
Merchants like Kirana Shops and small businesses. PayQ is the latest entrant to
the club of Paytm, PhonePe and BharatPe, with the company announcing its
ambitions to lend in a filing with local regulators. PayQ is unlikely to play
for runners’ and players like Paytm and Phonepe will have to aggressively
defend their crowns
PayQ’s entry to India comes at a very opportune time.
During the lockdown, several questions have been raised about the readiness of
the Indian grassroots system to allow its small businesses to participate in an
end-to-end digital ecosystem that powers content, transactions and finally,
payments and fulfillment. With this one move, PayQ have clearly sent out
signals to take on the giants in the payments, content and ecommerce spaces,
simultaneously.
PayQ’s entry portends well for India, as it is likely to
bring more serious and diversified investors in the country, reducing its
reliance on Chinese money. However the Indian consumer will be the final and
the ultimate deal-seeker yet demands the best user experience at the lowest
cost. Though PayQ has grown exponentially on adoption of new territory starting
from United Kingdom to diversifying its merchant acquisition to European Union
and then stepping to Asian Countries but its business models is still evolving.
With economic growth slowing down and consumer demand in India tempered,
Shibabrata Bhaumik’s PayQ is at an interesting crossroads.
Shibabrata,
also popularly known as ‘Fintech Chanakya’ posits a future in which thousands
of startups use crypto to raise capital in a global marketplace no longer
controlled by Wall Street firms. Within a decade, he predicts, the number of
people participating in the blockchain economy will explode from 50 million to
1 billion. We are destined to enjoy a financial system that is “more global,
more fair, more free and more efficient”.
Given all this snitching, the final test will be “how
does PayQ appeal to the end user in India?”
News Source :
Yahoo
News : https://in.news.yahoo.com/payq-powers-smes-kiranas-enables-digital-billing-geo-131604083.html
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About Shibabrata Bhaumik 
I’m an Entrepreneur, Angel Investor & a Philanthro
0 connections, 0 recommendations, 5 honor points.Joined APSense since, October 3rd, 2019, From london, United Kingdom.
Created on May 22nd 2020 05:13. Viewed 282 times.
