PayBingo: Empowering Small Businesses with Digital Payment Portal

Gaurav Lalit, CFO,Jonny Wadhwa, Sr. AssociateThe financial services industry is now transforming into a truly digitized sector, and one key area that sees accelerated growth today is payments. Consumers can choose from a wide range of alternative payment solutions that originate in influential industry trends such as open banking, e-wallets, mobile payments, prepaid cards, and distributed ledgers. Incorporated in 2015, PayBingo is a concept to equip small business owners with the right tools to expand their revenue without any extra efforts. PayBingo serves as a companion to facilitate various online services backed by trusted servers and a qualified team. PayBingo is committed to adequate training and development of its business partners.

Digital India is happening, and PayBingo heartily supports the Digital India initiative and is committed to bringing transparency and opportunities to our fellow countrymen. Our team at PayBingo keeps updating themselves constantly to provide quality services at the lowest possible costs. Also, we are one of the top volume generators in terms of the DMT market in the financial capital of India. The journey has started from a volume of 58 crores/annual to 58 crores/day. The credit for this adaptability of transformation goes to every employee of PayBingo who has stood by us,” states Jonny Wadhwa, Sr. Associate, PayBingo.

Various Payment Solutions & Services
PayBingo provides many services as they started with domestic money remittance followed by Aadhar enabled payment services; now, QR services have been added. Domestic Money Remittance service is specially designed for people working on daily wages or in some factory or driving
rickshaw by migrating from their native place. They earn in cash, and this cash needs to be sent to their bank account for the livelihood of their dependents. PayBingo has made this easy for the people like them. Parallelly, the business opportunity has been provided to shopkeepers who also handle these retailers and provide them financial services. These services are being used in metros and semi metros wherein people from the eastern part usually come for their better earnings for a better life.

Furthermore, AEPS (Aadhar Enabled Payment Services) allows a customer to visit a nearby PayBingo outlet where he is required to share his Aadhar number followed by the bank's name. By using biometric authentication, one would check his account balance and withdraw the required amount from his bank ac-count. The requested amount will be deducted from a bank account and will lead to PayBingo's Pool Account. The exact amount will be given to the retailer for trading or setting down in his bank account. The boom of this service is because of the low frequency of ATMs/Branches in rural India. PayBingo's BC agents are in every nook and corner, despite COVID and other problems, providing these services to people.

Jonny Wadhwa, Sr. Associate

Along with this, an extended version of this service is M-ATM which is based on the same technology, but it works with the card. Additionally, the company added QR Services for quick response. QR Scan code allows merchants to receive money in their account like GPay/Paytm/BharatPay and other available solutions.

“We at PayBingo believe, every-thing can be achieved by giving your 100 percent in terms of providing best user experience and user interface. We are technically groomed and updated in every manner to adopt new technology and learning skills makes us better. We just try to listen everyone to solve their concerns and tries to create a win-win situation for everyone,” adds Gaurav Lalit, CFO, PayBingo.

PayBingo is majorly operated in metros, but in the next financial year, the firm will keep an eye on India's rural markets, especially in Bihar, Bengal, Northeast, Odisha, Jharkhand & Chhattisgarh. The company will provide services near Kirana/grocery/pan/pharma store offering financial services such as account opening/account operating (cash deposit & cash withdrawal) and insurance service.