Offering Fully Integrated Suite Of Payments Products, Fintech Startup PayG Is Helping Big Enterprises Optimise Their Digital Payments
Digital transformations have changed the way businesses used to operate. And to stay ahead of their competitors, businesses are embracing technologies and are keeping up with the shift towards online consumption and e-payments.
As each organisation has its own mission, a one-size-fits-all approach does not cut it for larger organisations. At that level, these companies have specific pain points and require a payments ecosystem that could fit their needs.
PayG is a one-such fintech startup that provides customized payments solutions for large companies and helps them optimize their collection channels.
Startup Story: PayG | One Platform-Unlimited Solution
Started by YS Prabhu Kumar and Narendra Singh Solanki in 2020, PayG is a new-age fintech startup that offers a complete payment solution and is positioning itself as the real alternative to outdated billing systems and payment gateways.
The fintech startup provides customized payments solutions for large companies and helps them optimize their collection channels. PayG enables huge enterprises to keep track of their cash inflows and outflows and helps them scale when they need to, without adding any more processes.
How PayG Started?
YS Prabhu Kumar and Narendra Singh started PayG to cater to the customized needs of large companies and industries by solving the specific pain points that were holding them back from digitising.
“We started our journey as a payments gateway that companies could use to collect money from their buyers. But we soon realised that what we really wanted to build was an innovative solution that could serve the payments needs of large enterprises and help set them on the course for their digital transformation journeys.”
So, after doing research, the founders decided to specialise in creating products that can benefit large enterprises.
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“Instead of saying ‘take this and use whatever features make sense to you,’ we said we’ll build to solve all the problems that are holding you back from growing or becoming more efficient.”
USP Of PayG
PayG is a customized, fully integrated, omnichannel payment solutions provider that helps businesses to grow by providing them with an easy and secure way of collecting payments from customers through any device in any mode.
The fintech startup provides scalable and flexible billing and POS system solutions wrapped in an appliance. These solutions work with P2P, O2O, B2C, B2B, P2C, Software as a Service, Platform as a Service, mobile money Wallet, cloud, payment processing, Mobile Business, and more.
PayG also gives its clients the freedom to choose whichever bank they want to collect their payments, thus providing an optimized way compared to the existing solutions. Additionally, it provides them with the option to manually or automatically switch banks if they crash or are unable to accept payments for any reason.
The fintech startup also offers two other retail products, a virtual POS system for rural retailers and merchants and a retail payments platform that online consumer companies can use to collect payments for sales.
Present Situation Of PayG
The startup has made more than 25 customized solutions, and over 1,000 merchants already use its standard platform and PoS system. PayG has also been witnessing an increase in payments volumes. With over three lakh transactions processed every month, payments volumes across the board have risen 30% on a quarterly basis. The virtual PoS offered by the startup has seen one lakh-plus download.
The startup has a strong client base, and its list of clients includes Gati, AMR Sumangalee Jewellers, Shantiniketan Educational Societies, Wockhardt Foundation, and more.
With its unified payment platform, PayG is paving the most efficient path to payment success. The startup has aggressive growth plans and is looking to raise a Series A round by the end of the current quarter.
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