Hardeep Singh
How PayG started
The digitization of industry, businesses and sellers, large or small, has become more important to continue the move to online use and e-payments. Companies that do not make use of technology to optimise operations are left behind. In this era, a company cannot withstand without the process of digitalization which helps the company to grow to a wider extend.
Technology adoption plays an essential role in removing redundancies, including in payment systems. But for larger companies, a single-sized strategy does not diminish it. A more effort is needed to keep up to date.
That was the idea that Y S Prabhu Kumar and Narendra Singh Solanki began developing an infrastructure of payments that could respond with the solution of the unique specific problems which kept them from digitization.
In 2020, under the Xsilica Software Solutions parent business, they created the PayG, a new-age finance venture. “We chose to concentrate on producing goods that may assist huge companies after a lot of tedious study and work.
We said we’ll do it so we can fix all of the difficulties that prevent you from growing or being more efficient, instead of saying “take it and use whatever features that may make sense for you.”, said Prabhu.
PayG’s product offering
PayG develops customised payment solutions for huge companies and assists them in streamlining their collection methods. It not only allows large companies to keep track of their cash flows, but it also allows them to grow as necessary without introducing any more procedures.
Although most existing solutions provide a standardised payments collection platform and bind the company to their partner-banks, PayG allows its clients to choose which bank they want to collect their payments from, as well as the alternative to manually or automatically switch banks if they crash or are unable to process payments for any reason.
Its focused approach stems from a thorough examination of its clients’ processes, ensuring that each feature it develops provides value to the people and departments that use its payment system.
The startup has created over 25 customised solutions so far. Gati, the logistics giant, Wockhardt Foundation, AMR Sumangalee Jewellers, Shantiniketan Educational Societies, and others are among its clients.
PayG has two retail offerings in addition to its B2B offering
A retail payment platform that may be used by online consumer businesses to collect money for their products. Its added advantage is that it charges a very cheap price, which the startup claims are lower than market benchmarks on average.
A digital point-of-sale system for remote retailers and merchants that is a low-cost, asset-light solution that allows merchants and sellers in remote regions to accept payments. To get started with the virtual PoS system, a Kirana store owner just has to download the app, complete the KYC procedure, and then begin sending payment links to their clients’ phones to collect payments.
PayG claims to charge only 2 paise for each transaction but believes that once economies of scale kick in, the company would be able to make a substantial income. PayG is helping many companies to go digital and make the payment system more secure and easy for the customers and the company.
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