Digitization has brought the world closer and made it into an efficient work environment for people. Back when technology was not so evolved, much of the manpower and energy went into taking care of certain small things. Now with those things at the tap of your hand, it certainly has become easier and one can focus their energies onto other more important things.
Featuring for the Cover Story of The Enterprise World’s this issue of Top 5 Digital Payment Solution Providers in 2022, is PayBingo, your personal business portal.
The seeds of this company were sown when Mr. Parveen and his business partner Mr. Naveen Doda visited Kolkata for some work and one of their friends said that we should do something of our own in the same domain. Then, the duo started taking steps towards this direction. Mr. Parveen was in this domain since 2010 when Nokia started this in India with Union Bank. So, he with his partner laid the foundation of PayBingo in 2015. Its operations started in 2016.
“In this beautiful journey, we have added close to 50,000 Merchants with us along with more than 3500 distributors with us. The team size also reached 150 as of now.”
Cutting Through the Complexities-
There were lot of challenges in starting this company. When PayBingo came into this space, there were lot of companies in market and to create a space in the competitive market was a big challenge. Parveen had started working in this domain as a retailer and post that a distributor. He had also worked as a sales guy.
“The problems faced by anyone at various stages were in our mind while building this ecosystem.”
The team learnt from the mistakes of others and tried to reduce market concerns. The company has focused more on Skill Development of people, Better UI and Best User Experience. Imagine this: People sitting in Kurukshetra are generating best numbers of industry from financial capital of India and that too without burning funds.
What played a huge role in the growth of the company was learning from mistakes and not repeating them, providing better environment for Merchants, Distributors and lowest downtime in industry created a path of growth for our organization.
As a company, the team still visits their market in different parts of country to take feedback from retailers and make changes in the system for betterment of ecosystem, this is also one of the most important keys of growth. Besides this, PayBingo is proud that they are the trend setters in the industry.
“We at PayBingo believe that there should be lowest TAT for providing electronic funds to merchants after receipt of funds in our bank account. Currently we have a TAT of less than 12 minutes to provide fund load.”
Here are a few growth charts-
|Period||New Channel Partners||Business (₹ Cr)|
|2016 -17||4041||₹ 10,89,02,13,900|
|2017 -18||7651||₹ 84,01,33,05,920|
|2018 -19||7560||₹ 3,82,46,01,08,110|
|2019 -20||10094||₹ 7,14,10,45,07,260|
|2020 -21||8295||₹ 6,75,18,58,15,710|
|2021 – 22||9331||₹ 8,58,92,13,72,002|
The Growth Quotient-
There is no secret of success. If your intent is clear, vision is to provide best services to all your associates whether it is merchant/distributor or employee. If you take care of them, they will take care of your end customer. If the end customer is happy, then everyone is happy. With this win-win situation you start climbing stairs of success.
You can understand the thumb rule of PayBingo in a simple manner:
The company has reduced their costs from day one of its operations. They have their Head Office at Kurukshetra, which is not a Metro city. They have started their operations from a very small office and limited amount of manpower. Most companies believe that for good business, you should have a business premises in Business Parks/ Metro Cities, but the company has practically proven that talent is there in small cities, and they need an opportunity to show their skills.
The Products and Services-
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 qualified team.
PayBingo is committed to adequate training and development of it’s business partners.
Digital India is happening and PayBingo heartily supports Digital India initiative and is committed towards bringing transparency and opportunities to the fellow countrymen.
“Our team at PayBingo keeps updating themselves constantly to provide quality services at lowest possible costs.”
Domestic Money Remittance, Aadhar Enabled Payment System, Bharat Bill Payment System, IRCTC, Flight Booking, Recharges, Bill Payments, Indo-Nepal Payments, Aadhar Pay, Micro ATM, QR Code are the host of services PayBingo caters to their channel partners via Web and App.
In short, PayBingo is enabling every small shop near you it might be of Mobile Recharge Shop, Grocery Store, Kirana Merchant, Pan Shop, Chemist into a Small Financial Institution which is covering your most of banking needs.
“We have named these shops as Meri Dukaan, Aapka Bank.”
Factors that Set PayBingo a Step Apart-
PayBingo’s in-house technical team ensures non-stop delivery of services. You do not have to worry about it anymore.
Backend of PayBingo is completely based on cloud technology installed on fastest servers in the world.
At PayBingo the team has taken special care to minimise the carbon footprint, they do not waste a single bit of resources.
Safe Money Guaranteed
Your money is safe with PayBingo, the company follows all the security and accounting compliance to ensure maximum security.
The Road Ahead-
Technology is the king today. If you check any modern business everyone is occupied with technical background. Zomato/Ola/Fintech Companies like us/Bharat Pe/Google Pay everyone’s back bone is only Technology. You cannot imagine business without technology today.
We have to realise that bringing more products in one’s portfolio is a gradual process. We believe that requirement of products as per market vibes. There should be sustainable margins in product to maintain cash management cost and sustainable business model.
Recently the company has introduced a product under PM Wani’s Digital India Scheme. In this, they would be placing Public Data Offices (PDOs). Public Data Office would allow a private internet connection holder to sub-let his internet connection under government norms. This is very exciting and future oriented. Day by day data is getting costlier and this solution will provide data in very economical pricing. Apart from this this will create further business revenues to untapped markets.
Mr. Parveen Wadhwa- An Entrepreneur of Ambition-
There are lot of responsibilities of an entrepreneur. You have to think on an idea which should be sustainable in market. To believe in that idea, infusing funds, winning confidence of your partners/associates before going live, to tackle business competition and establishment in market is not an easy task.
When you start your entrepreneurship journey, you need to be very selective to keep your close aids. Moving ahead, you need to understand about leakage in system before making it big system. The smoothness should be there in every department. You will have to pay special attention towards your employees as they would be taking care of your clients in future. So, end to end monitoring is required and mandatory to run any business properly.
Mr. Parveen has had his share of challenges to reach the stage he has reached today. His early days were very hard. He was once a newspaper delivery boy at the age of 14. Over the years, he tried lot of things in small business. In year 2010, he started my first official job in Money on Mobile as a sales guy. Moving ahead he worked for a company as a Sales head which was also in same Industry.
“2016 was the year when the journey of dreams started.”
At PayBingo, they provide our employees a better workplace, friendly environment and brining smiles on their faces while working is only achievement which they have earn in retaining the team.
“Our Team is our strength.”
There are lot of companies which tried their best to break this team by poaching their employees, but, winning hearts is not easy for everyone.
An Experience to Remember-
Around five to six years ago, there were lot of people who earned Rs 25000 to Rs 30000 per month from multiple service providers. PayBingo promised them that they will bring a change in their livelihood. Now, these people are earning 150000-200000/monthly. This is what the company has changed. In COVID-19 times, PayBingo provided additional financial & moral support to their channel partners which has changed their perspective towards PayBingo.