Dr Priti Shah
Dr Priti Shah
Chief Executive Officer, Paynear Solutions Pvt Ltd

Keeping in mind the Prime Minister’s vision of Digital India, Paynear has come up with various solutions to make payment process trouble-free. Easy to use and adopt, these solutions play a major role in addressing the pain areas while making payments. Dr Priti Shah, Chief Executive Officer, Paynear Solutions Pvt Ltd, talks about the successful journey of the organisation with Sneha Mejari of Elets News Network (ENN)

What are the various ways in which Paynear is contributing to the financial sector?

Dr Priti Shah Chief Executive Officer, Paynear Solutions Pvt Ltd
Dr Priti Shah
Chief Executive Officer, Paynear
Solutions Pvt Ltd

Paynear has been working towards achieving the goal of cashless economy by driving forward our Prime Minister’s vision of Digital India, empowering all the merchants, be they from any vertical, to accept and manage card payments. Our flagship product ‘Paynear mPay’ mobile POS Solution facilitates payment acceptance anytime, anywhere by transforming smartphone / tablet / PC into a cardpayment acceptance device. Merchants can effortlessly reconcile card and cash payments via Paynear mPay. In addition, we facilitate capturing customer data for customer retention and reward programmes. We also educate merchants on the benefits of card acceptance and availing loan to grow their businesses, and connect them to partner banks for availing loans.

What advantages do you offer to the customers as compared to other market players?

Paynear offers solutions to merchants beyond card payments, which help them optimize their inventory and billing, also increasing customer engagement and retention. Unlike other players in the field, we bring over a decade of payment experience that helps us offer solutions addressing merchants’ pain points. We are the first firm to launch mPOS App in eight regional languages, making it geography-friendly in terms of ease of use and adoption. Moreover, one of the most important aspects of this facility is that merchants need not open a new bank account for the purpose, as funds are automatically settled within one day in the bank account they provide. We also offer an internationally-acclaimed card reader (with over one million deployments worldwide) that comes with definite technical advantages over others. We provide white label solutions like mobile POS to customers, along with the name and branding of the bank.

How active is your company in the cooperative banking sector?

PAPERLESS PAYMENTSWe are already in touch with non-acquirers and cooperative banks to offer card-acceptance solution to their customers at zero cost to banks. This helps them in offering state-of-the-art acquisition solutions to their customers with a simple referral. Additionally, it helps them garner more business and loyalties otherwise lost to other acquiring banks. Those banks that partner with Paynear can offer this solution without any investment, infrastructure, cost or risk to themselves, nor do these require any approval from the Reserve Bank of India (RBI) or National Payments Corporation of India (NPCI). We also have a solution for banks to launch ‘m-Lobby’ concept at their branches by offering utility bill payments, recharge and DTH at practically nil cost to retain customers with added convenience.

How do you view the technological shift in the banking industry?

Banks can flourish by focusing on technological innovations. One good example is mobile banking, which is quickly becoming popular as more and more financial apps are being launched, promising to make life easier. Moreover, Internet banking is making immense contribution to the digital transformation process. Nevertheless, there is still a vast rural-urban divide to be bridged for connecting rural India with the mainstream economy. Cooperative and scheduled banks can play an active role with financial inclusion to bridge this gap. Banks moving away from resistance to adopt new technology and innovation will sustain. The government can also extend support in terms of creating awareness, training programmes and investment to connect them with the mainstream economy. This is because rural India needs to benefit from the digital innovation as well. We will also extend our cooperation to the government to engage for such programmes. Banks should take enough recourse to bridge this gap through technology and the aim should be not just to satisfy, but to engage with customers and enrich their experience.

Paynear offers solutions to merchants beyond card payments, which help them optimise their inventory and billing, also increasing customer engagement and retention

What new projects Paynear is planning?

After our flagship product mPay, we already had a soft launch for ‘SPOT’ (a one-stop solution for mobile, data card, DTH recharges, bill payments, bookings and much more) to equip merchants in offering these services to their customers, thereby opening an additional revenue channel. We will soon launch ‘ePay’ to include payments vide cardnot- present customers. This would create a clear differentiator to offer an omni-channel solution to the industry.

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