December - 2016 - issue > Company of the Month

Paynear: Offering Omni-channel Payment Solution to the Indian Retail Terrain

Anamika Sahu
Friday, December 30, 2016
Anamika Sahu
Today when long queues outside banks and ATMs are a common site almost everywhere across the country following demonetization, Dhansal in Maharashtra and Akodara in Gujrat have realised the dream of a cashless economy, with everyone in the village opting for cashless transactions. Acting as an inspiration for other cities and villages in the country, they have proved that going cashless is a matter of finger snap. But with just 11 percent of total India's population and seven percent of merchant population using cashless modes of transactions, the country needs to go a long way to achieving the goal of being cashless. Although India has 650 billion active credit and debit cards, the number of devices accepting those cards is not even a million, with even a RBI report stating that India needs more 20-25 million acceptance devices in the coming years to be able to completely serve cashless modes of transactions.

Witnessing this huge growth, there are several POS solution providers that have mushroomed out, but merchants only process physical card. But with Paynear, you get a low-cost Omni-channel payment solution that goes beyond the normal POS solution and takes care of online payments along with value added services like mobile recharges, domestic money transfer, mini ATM and several others, which allows the merchant to earn extra income.

Gaining Momentum

This three years old Hyderabad-based start-up faced turmoil in the initial days as merchant community was skeptic of using transaction solutions from private organizations, which historically were offered only by banks. Understanding that this dark cloud could be cleared only through enlightenment, it started educating merchants about its OMNI Channel products which was completely secure and complaint. Moving forward, the company puts its creative and innovative mind to use to empower merchants by simplifying payments acceptance and providing enhanced value addition for better business growth. "Right from day one, we knew that we are here for long haul, so we have been fully prepared in going behind the right amount of merchants, educating them, justifying to them and being clear about the charges that they are paying, building solutions at the price point where the merchant is convinced to pay rather than we going behind every merchant for free services," explains Priti Shah, CEO, Paynear. For instance, two years ago, a customer was not convinced for card payment solution is now more than happy to accept card payment solution as he understand the value of going digital in eco system. Paynear is the only payment service provider who offers Omni channel solution on a single platform. We facilitate digital payment from a vegetable vendor to an enterprise client.

Innovative & Unique Services

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