he 10 Best Digital Payment Service Providers in India

1. 2019 / Vol. 12 / Issue 07 The 10 DIGITAL PAYMENT SERVICE PROVIDERS IN INDIA BEST INDIA INDIA TRANSACT TRANSACT SERVICES LTD SERVICES LTD SERVICES LTD TRANSACTIONS MADE SIMPLE INDIA TRANSACT

4. E ‘Cashless’ is the New Formula A t present, there would hardly be anyone who has not noticed the upsurge of digital payments. From demonetization to the rise of mobile wallets to Government initiatives such as UPI and Aadhaar card transactions, the digital payment industry has come a long way. Further riding the digitization train are the smartphones and connected devices which are currently the preferred payment tools for consumers. The non-cash payment acceleration has transformed the dynamics of the industry for digital and omnipresence providers. It has also pushed the companies to diversify, collaborate, and capitalize on a flourishing revenue opportunity. Complementing this are the customers that demand quick and simple ways of transactions, which further open opportunities for service providers. The said rise has been feasible because of the proliferation of e-commerce, m-commerce, mobile POS, the willingness of customers to seek new payment channels, mobile in-store payments, digital payments applications, and voice & chatbot payments. In turn, compelling all types of service providers to boost adoption, building and strengthening partnerships, and ultimately offer esteemed services. All of this happened in no time and hence, the nation has come up with the most evolved payment system in history compared to 25 other countries. Surveyed by the FIS, a US-based banking company, the parameters included the availability of services, adoption, and immediacy of payments. Clearly, the digital payment space has been transformed and the sector has seen enormous growth, innovation, and regulatory support over the last two years becoming the #1 Digital Formula. The goal from here on should be to keep the momentum going with better support from the government, developers, and safety and convenience from the players. Celebrating this success, Insights Success has come up with a special edition, The 10 Best Digital Payment Service Providers in India, which showcases the current service providers contributing to uplift the digital payments industry of the nation. On the cover, we have, India Transact Services Ltd. (ITSL), a subsidiary of AGS Transact Technologies Ltd. It is an Omni- channel merchant digital payment solutions company that aims to consistently simplify the process of Transacting, Merchant Acquisition and Value-Added Services. ITSL offers a host of products and services including a payment processing platform for routing commercial and retail payments between buyers and sellers across the country via a unique distribution model devised based portfolio. The

5. “ “ Payment services should be as easy as finding a friend on social media Anmol Preet Singh company is also an independent Service organization providing services like distribution, merchant enrolment, training, activation, field support, transaction switching, network, reconciliation, settlement, and fraud & chargeback management. Other than that, we have: Amald; Known for its payment gateway services to merchants whether they are the owner of a low-risk business or high-risk business. Being one of the reliable service providers, Amald is known for its exceptional gateway solution. PayBingo; a service provider which aims to equip small business owners with the right tools to expand their revenue without any extra efforts. It serves as a companion to facilitate various online services backed by trusted servers and qualified team. The company is committed to adequate training and development of its business partners. PayKun; offering the simplest way of collecting online payments. It helps clients to grow their online business by selling its products or services to their potential customers. Either they can sell their products directly from PayKun’s website or can sell and collect payments with PayKun. PayNearby; a DIPP Certified Fintech Company registered under The Startup India program of Government of India, set up in April 2016 by a team of professionals with experience in Digital Banking & Payments industry. The team works on deep insights and understanding of payment and transaction technology space. PayNet; a firm that safely, reliably, and effectively enables the functionality and development of India’s Financial Systems as well as the economy on a whole. Further, we are privileged to list Innoviti Payment Solutions Pvt Ltd and ToneTag. While learning about these organizations do not forget the articles Tips to Adapt to Tech in Everyday Life and UPI: History, Present, and Future masterly crafted by our in-house editors. Now, it’s time to surf the wave of digital services. Have a happy read!

6. Cover Story 10 TRANSACTIONS MADE SIMPLE ARTICLES 28 20 CENTERPIECE Tips to Adapt to Tech in Everyday Life GATEWAY EVOLUTION UPI: History, Present, and Future

7. Contents 18 32 Amald PayNearby Assisting Nation's Cashless Economy Delivering Seamless Payment Processes 26 PayKun Providing End-to-End Digital Payment Services with Easy integration and Onboarding 34 22 PayNet PayBingo Providing Solutions for Nation’s Financial Systems and Economy Your Preferred B2B Digital Payment Service Provider

10. Editor-in-Chief Pooja M. Bansal Managing Editor Anmol Preet Singh Publishing Control Team Rahul, Shruti Quality Assurance Team Darshan, Sneha Art & Design Head Amol Kamble Associate Designer Poonam Mahajan Art & Picture Editor Savita Pandav Co-designer Shweta Ambilwade Business Development Manager Megha Mishra Business Development Lead Tejaswini Whaval Business Development Executive Prathmesh Kate Technical Specialists Amar, Pratiksha Digital Marketing Manager Prashant Chevale SME-SMO Executive Manoj Shelge Tanaji Circulation Manager sales@insightssuccess.com DECEMBER, 2019 Corporate Ofces: Insights Success Media and Technology Pvt. Ltd. Ofce No. 22 & 510, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com Cover Price : RS. 150/- https://twitter.com/insightssuccess Follow us on : www.facebook.com/insightssuccess/ Copyright © 2019 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd. RNI NUMBER: MAHENG/2018/75953

12. Cover Story

13. TRANSACTIONS MADE SIMPLE ““ Our solutions span across numerous industries and cater to diverse merchant needs Sunil Khosla Head Digital Business – Retail

14. A s stated by global advisory KPMG on Aug 29, 2019, digital payments in India are witnessing booming growth with a compound annual growth rate (CAGR) of 12.7 percent in the number of non-cash transactions. From close to 1.5 million digital payment acceptance locations in 2016-17, the number of merchants accepting digital payments modes has increased to over 10 million, in a short span of two to three years,” as per the report “Fintech in India – Powering mobile payments.” Alternate digital payment such as digital wallets, UPI, payment banks, Bharat QR are expected to grow fiercely, doubling their contribution to 30 percent of the digital payment transactions. the digital payment ecosystem in India has become among the most evolved in the world. The focus now should be to keep the momentum going using greater government support, innovation, and continued security and convenience from industry players. The company is also an independent service organization providing services like distribution, merchant enrollment, training, activation, field support, transaction switching, networking, reconciliation, settlement, and fraud & chargeback management. India Transact has a fast-expanding network of banks, channel partners, employees and a presence in more than 1800 cities. Its offerings include a range of POS (point-of-sale) terminals equipped with technology to facilitate fast and secure payments in stores and on-the- go. The company’s device-based portfolio comprises Ongo POS terminals including Android POS, GPRS, digital/mobile POS & PSTN as well as Integrated POS solutions. In addition to terminals, India Transact also caters to device-less solutions such as enabling BHIM/UPI & Bharat QR payments, payment gateway and remote payments. Ongo loyalty solutions enable merchants to design and run This exponential growth of the digital payment sector is driven by multiple factors including the convenience of paying using digital payment platforms, growing smartphone penetration, rise of non- banking payment institutions, progressive regulatory policies, and increasing consumer acceptance of digital payment platforms. Other key drivers of digital payments are positive policy frameworks and government initiatives like the launch of new payment systems such as UPI, Aadhar linked electronic payments, and improvement of the digital infrastructure. Consequently, the digital payment space is being transformed and the sector has undergone tremendous growth, innovations, and received regulatory support over the last two years. Such has been the change that This momentum wouldn’t have kept going without prominent digital payment service providers and is a direct result of all the market players. Insights Success feels privileged to bring forth one such industry leader, India Transact Services Ltd (ITSL). India Transact, a wholly owned subsidiary of AGS Transact Technologies Ltd is an Omni-channel merchant digital payment solutions company. India Transact offers a host of products and services including payment processing for routing commercial and retail payments between buyers and sellers across India using a unique distribution model.

15. their own customized loyalty programs through a platform for Prepaid & Rewards cards. India Transact also offers value-added services such as billing software – Ongo Billing++, Cash@POS – Ongo mini-ATM, & Ongo Credit - a platform for merchants to receive working capital loans from reliable financial institutions through a quick, convenient and easy process. “We provide a host of services such as billing solutions, innovative integrated solution suites, and credit facility through third-party lending companies” He has approximately 19 years of experience in sales and distribution. “Young Digital Person of the Year” award at the Digital Customer Experience Summit 2019 by Zendesk. Exemplifying Leadership Sunil Khosla is the Head, Digital Business forRetail of India Transact Services Limited offering Ongo Digital Payment Solutions. He is also the Chief Marketing Officer of ITSL’s Holding Company i.e. AGS Transact Technologies Limited (AGSTTL). He has been associated with ITSL since September 2015. Prior to joining ITSL, he was Chief – Sales (CP – MNT) at Pidilite Industries Limited. He has also worked with Max New York Life Insurance as Assistant Vice President – Distribution and Danone BOP India as Head – Sales & Distribution. He has also worked with ITC Limited. Sunil has represented ITSL at the Retail Technology Conclave 2018 and India Retail & eRetail Congress 2018. He has also represented AGSTTL as a panelist at fintegrate.zone and as an industry speaker at the Innovation Bootcamp 2019 organized by Transformance Business Media; and has also participated at the Retail Leadership Summit. For his tremendous contribution, Sunil has been recognized by the industry for his hardwork. He has been bestowed with the Greatest Marketing Influencers 2018 by CMO Asia. Sunil has been awarded the Sunil holds a Post Graduate Diploma in Business Management from Apeejay School of Marketing, New Delhi and the Advanced Program in Sales and Marketing Management from the National Institute of Sales. The Flagship Terminal The firms’ Ongo Business POS is one

16. E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA of the most elegantly designed, compact and secure Android POS terminal. It comes with a large high definition tablet color display and a super-fast thermal printer that is neatly hidden below so as to maximize screen usage for customer- facing transactions. A wide range of advanced connectivity options are also supported, as well as inbuilt NFC contactless, electronic signature capture and massive amounts of memory to enable exceptionally fast processing of applications. It supports 4G/ Wi-Fi and Bluetooth and has dual cameras and 1D & 2D Scanner. Multi-app support goes further, and this complements other entities such as Ongo Billing++, Ongo Prepaid++, Ongo Rewards++ and Ongo QR++. Solutions““ who partner with India Transact have the opportunity to recycle their cash. Merchants who use Ongo digital payment services can also apply for loans from trustworthy lenders. Sunil further says, “A large number of merchants need loans to expand and grow their businesses; we offer them an easy way to avail loans. The entire application process is fast & convenient. Furthermore, repayments on loans are directly debited from transactions.” Built for Customers The firm has a good track record of simplifying digital transactions by providing end-to-end digital payment solutions. With respect to small and medium enterprises, Sunil says, “We also offer small and medium-sized businesses an opportunity to compete with larger rivals by offering loyalty programs. Large businesses have a distinct edge in attracting repeat customers using loyalty programs. We give small and medium-sized businesses the same edge. Our mini ATM facility allows debit cardholders to withdraw cash by swiping their card at merchant POS terminals.” It is an important feature, given the paucity of ATMs in many parts of the country. So, merchants We simplify transaction process by providing End-to-End Digital Payment Our application Paytrack allows the merchant to manage multiple stores and POS machines, view transaction trends, retrieve charge slips, check settlement status, raise service requests and sign up for the latest offerings. The key advantage of Paytrack is it provides retailers

17. to grow their business ““ Apart from loyalty programs, we offer various value-added services that enable merchants switch, complex transaction processing through a fully integrated, end-to-end solution covering a wide range of services is possible to help complete the transaction cycle. The switch being PCI-DSS compliant provides device driving and authorization suppor • One of the fastest expanding networks, currently comprising of more than 75 banks, 500 channel partners and a presence in more than 1800 cities ‘ReTechCon’ Award as a token of gratitude for participating in Retail Technology Conclave • India Transact was awarded for being a panelist at iRec 2018 by Indian Retail & eRetail Congress 2018 On End-Users and Future of Digital Payments According to the firm, end-users, particularly those who are young are eagerly adopting the digital payment culture. The digital payments culture is being spurred by a host of services that accept digital payments. It cites two prominent examples of being ride-hailing services in large cities and e-commerce portals. Further, the company says that awareness about digital payments is also on the rise.sact further comments that schemes and incentives have also played a significant role in promoting the adoption of digital payments. Sunil concluded with, “Digital payments are accepted even by small and mid-sized brick and mortar stores contributing to its popularity among end-users. The fact that digital transactions are secure is another reason the digital payments culture is taking a wider hold. These are important reasons why the digital payment culture will continue expanding.” reliable and traceable transactions and tools for enhancing transparency which is the need of the hour. Industry’s Response India Transact believes in digitally enabling and simplifying lives by creating a complete payment ecosystem. In its journey of bringing the simplest of solutions for users, the company has been recognized by various prestigious platforms and has been awarded: India Transact has undertaken many initiatives to train and educate merchants and consumers. Some of these include training merchants at partner banks, taking sessions at schools to promote online fee payment acceptance and promoting BOP payments through cooperative credit societies and banks. These efforts are not limited to metro and Tier 1/2 cities. • ‘QR Champion’ by MasterCard at Reach Acceptance Summit 201 • “Silver” in the ‘Exhibition Collaterals’ Category at the 58th Annual Awards by the Association of Business Communicators of India • ‘Best Digital Transformation’ at Digital Customer Leading the digital payment industry, the firm’s uniqueness can be found in: • An integrated Digital Solution for Omni-channel businesses • Switching Solutions: With the Experience Summit 2019 • India Transact was bestowed with

20. Amald Delivering Seamless Payment Processes E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA That brings us to another aspect. With a wide number of such payment service providers, merchants face difficulties in selecting the right partner. Fortunately, Insights success solves this problem by recommending Amald . Founded in 2011, it is a digital payment service provider offering right solutions at a right price. Amald is a preferred partner in high and mid risk payment service providers. Amald simplifies transactions, connecting merchants with financial service providers. The company meets the requirements of merchants and this is possible only because of its team of experts. The firm’s management squad has proven expertise in the financial amenities serving high-risk businesses. An Ardent Technophile A dynamic personality, management duties at Amald. She has contributed to a lot of campaigns and Amald is the biggest of all. She is a keen observer of every detailed topic she goes through. Thus, implementing most of the knowledge pulled from the research and experience. Akansha Singh helms project Akansha Singh Project Manager T than ever, the industry is moving towards cashless everything. Users can transfer and receive funds quicker than before. Such development has created a room for many tech startups in India. Due to these seamless digital payments, transactions in e-commerce have also proliferated in no time. As a result, each day, a new app is being developed, contributing towards an easier daily life. Akansha’s journey involves popular financial institutions resulting in her head start at Amald. She has keen interest towards various segments such as handling billing, operation & compliance, and AML. here is no denying the fact that digital payments have taken a revolutionary tread in India. With people opting for digital transactions today more Services Merchants can Count on Amald offers altered solutions with durable corporate supremacy and autonomously reviewing with its PCI-DSS compliance gateway. They offer solutions through acquiring banks such as card issuers, internet payment networks, and various others Amald offers credit card processing services 18 December 2019|

21. The Strength Behind The firm pays homage to its team above all the factors behind its success. “We understand we are pretty new to the market but, there are a lot of challenges out there The team at Amald solves queries with creative and innovative ideas benchmarking it as one of the genuine payment processors. Our team is quite remarkable in dealing with any merchant to fulfill the business requirements,” Akansha asserts. to merchants from all over the world. Its high-risk solutions offer a safe business transaction to corporates for enhancing their transaction process. It also provides the following long-term adequate services: . Credit Card Processing Amald offers Credit Card Processing solutions with high- risk gateways to make the client’s business secure from any kind of chargeback or deception that they come across. eCheck Payment Gateway Amald offers eCheck Payment Processing to merchants who own an online business. With Amald, users get eCheck solutions without any hassles if they seek a merchant account for their business. The firm further considers the following aspects as its strength: • Quick response to the queries and complaints • Variety of services for all the business owners • Multicurrency platform to process in any part of the world • Services at the most affordable rates • Tracking every suspicious activity ACH Payment Processing Amald offers simple ACH payment solutions for businesses to thrive well if they seek to gain business stability. An International Merchant Account by Amald offers the solution to overcome high-risk business challenges. Scanning the QR of the Future Soon, Amald will cater to merchants worldwide with the top excellent payment processing solutions. It wants to serve by enabling business owners to process payments themselves. “We are working on techniques to achieve payment processing for low processing merchants. The example of such are online pan shops and other local markets in India and abroad. By this, we are looking to process all three – low, mid and high-risk-on our platform,” Akansha concludes. ‘‘ Offshore Merchant Account Amald offers an Offshore Merchant Account for an exceptional surge in the transaction process. It is distinguished for its credit card with an Offshore Merchant Account to make businesses work exclusively. Payment Gateway Amald is known for its Payment Gateway solutions to merchants who need a faster payment process. A few other additional features delivered by Amald are: Anti-Trouble Application With our many payment options, you are free to choose the best solution for your business With Amald’s experience, quicker approvals on the file. The application is quite easy to get started with and within a fraction of seconds, users will be done filling it. ‘‘ Swift Setups Merchants can begin processing transactions in few days on secured approvals. The integration is smooth and can be easily executed by an individual. 24*7*365 Support Amald claims to be at its client’s service at convenient clock time. Its professional team has a significant amount of experience to assist at the time clients need it most. 19 |December 2019

22. TIPS to ADAPT EVERYDAY LIFE F technology shall also change. If you don’t keep pace, you would be as st useful as a caveman in the 21 century! Novel to look at but nothing beyond! to Tech in or a start, remember that technology is almost like breathing. Can you live without breathing?? NO, YOU CAN’T! So why expect the same from technology? Like everything else, Like a tsunami wave that takes away everything in its path, technology comes in waves with succeeding one carting away whatever is left of the previous one. And as far as tech goes, it does come in waves. For those who resist, there is certain drowning. Or worse, being hit by something entirely unexpected because you remain unmoved. But, what if you learned to swim? You would obviously NOT drown. Even better, with time, you would simply enjoy the experience like a surfer on a surfboard who doesn’t get scared of the biggest and most frightening of waves! The best swimmers too enjoy a good tip. So why not a tech surfer! We mention tips to adapt to technology in everyday life. • Acceptance: It’s said that acceptance brings peace. When you accept, you look at the problem the perspective to find solutions which with time does come to you. Acceptance wholeheartedly is much better than acceptance with reluctance. The latter is never from one’s heart and that which doesn’t come from the heart remains shallow in 20 December 2019|

23. Centerpiece substance. Acceptance makes one open to ideas and exploration. Left with no option and also not accepting make a person vengeful, negative and pessimistic. Instead, when you accept, you look at the positives and plan for change. • Read extensively whenever possible: Technology can initially overwhelm when one doesn’t accept. Acceptance is like the first step in the journey of a thousand miles. Doing so sends a strong message to the other parts of one psyche to start looking with positivity at things. Read initially from publications meant for ‘dummies’. Don’t get carried away by the world dummy. In the beginning, you are just that. Accept and read on till rudimentary things start to irritate you. With time you shall move to tougher things simply because you understand the nitty- gritty. But, never, ever give up reading. It is that one thing that shall keep you ahead on the curve of knowledge. Find out all the gurus of your field and where all they write and subscribe for those feeds to come to your mailbox. Without any major efforts, you shall get stuff that makes sense. • Meet with experts who are easily accessible in your immediate circles: A tech guru on the other side of the moon won’t serve any purpose where it’s about understanding things first-hand. Find one in your immediate circles, preferably even in your workplace who you know for a fact is good with tech and has an inclination to explain others. There are those who continue being secretive about their knowledge who in the tech world turn dodos pretty fast. right folks who can with time be of great help in more than one way. • Use and streamline the use of technology in your daily lives. Practically every activity that we do these days is driven by technology right from the time we open our eyes. Mobile phones are more computers than a phone. The same goes for every gadget in the hose. Learn to use them efficiently by visiting sites such as youtube where videos tell you how exactly a product ought to be used to gain its max advantage. Besides using them, learn about all their features so that you can upgrade yourself into using them better. • Keep recording questions either on your notes section or even on your recorders. Questions don’t come to mind when you are in the presence of an expert because we forget most in the course of our day’s activities. These are precisely the points you need to avoid. Records all the questions that come to mind and keep it handy because a question solved is an answer gained, and an answer gained results in much-needed knowledge which when used can get you places. • Invest in tech products as part of life. If you can, do buy upgraded versions of tech products. They aid and whet your appetite for more. Use them extensively whenever you get the chance to and learn all there is about them. • Attend meetings, seminars, and workshops. On your job or otherwise, try to attend events where experts come together in numbers. Network and hobnob with experts. Besides increasing your knowledge, it shall bring you in the company of the • Inform others! One of the best ways to adapt tech to everyday life is to update others. In doing so, questions are always asked which helps us read more and stay ahead on the learning curve. Reading more only makes one more inquisitive. So, give yourself an opportunity which goads you to read more. 21 |December 2019

24. E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA Your Preferred B2B Digital Payment Service Provider efforts. PayBingo serves as a companion to facilitate various online services backed by trusted servers and a qualified team. A Go-Getter Founder PayBingo is under the exemplary leadership of Parveen Wadhwa. Prior to PayBingo, he has served in sales for a few organizations in the same digital payment domain.“If you have the will power to do things with integrity and taking very close feedback of markets, you can achieve many great things,” asserts Parveen Parveen’s main strength lies in Sales and Technology. He is instrumental in retail touchpoints and understanding the exact feedback of consumers. Consequently, this helps him in meeting requirements in terms of UI/UX and implementation of new services. A Transparent Layout As a Business to Business (B2B) service provider, the vision of PayBingo is noticeably clear i.e. transparency. The firm keeps transparency in services, commissions, flexibility, and in ease of operations. As a result, PayBingo has a high footfall of customers. Parveen comments on this transparency by stating, “Digital India is happening and PayBingo heartily supports 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 lowest possible costs.” Parveen Wadhwa Founder A available market is vast, with a myriad of providers offering an even larger number of services. s more and more digital payments service providers have emerged in the market, making sure to pick the right one has become critical. Also, the PayBingo has been serving its customers since its inception with recharge services from a small town in Kurukshetra, Haryana. And now, the organization is serving customers in Domestic Money Remittance, Aadhar Enabled Payment System, Bharat Bill Payment System, Insurance, Flight, Recharges, etc. to a vast set of clients across the country. The firm has strong foothold in Haryana, Punjab, Delhi- So, how do you select the right digital payment service provider from so many? Well, Insight Success can solve this problem right away by recommending PayBingo, a payment provider that equips small business owners with the right tools to expand their revenue without any extra 22 December 2019|

25. NCR, Gujarat, MP, Maharashtra, Karnataka, West Bengal, Bihar, Jharkhand, UP and Uttarakhand. Moreover, according to some prominent sources, PayBingo is a leading brand in Mumbai for DMR products. PayBingo pays homage to its channel partners for its current success. According to the Mr. Naveen Doda, Co-founder of PayBingo, these were the partners who tested this platform at a young age, three and a half years back. Mr. Doda states, “They showed faith in our systems and we have taken this as our strengths. This helped us to create a product that should have a facility to create a win- win situation for everyone. At, PayBingo, everyone is ready to help someone who needs us at any point in time. Appreciation from Retailers gives us goosebumps.” He further talks about the reasons why the customers should choose PayBingo as their preferred partner, “The game is not only about commercials. It is about what kind of value proposition PayBingo is bringing in their daily livelihood. It’s the magic of sleepless nights of the backend team who have given their sweat and personal life in the creation of this product, which is very familiar with retailers. Whenever someone is talking to retailers there is a genuine reply from them ‘Easyhai’.” Mr. Naveen Doda Co-founder Batra Communication, Mohan Garden, New Delhi. “I was a housewife, but with the help of PayBingo now I have started earning from my mobile by providing financial services and mobile recharge of all the families in my neighborhood which encouraged for a Digital Dukaan. Thank you, PayBingo” – Sharda Pandey, Homemaker turned Business Women, Vashi Maharashtra. PayBingo serves to the customer via the following robust pillars: Quality Guaranteed PayBingo’s in-house technical team ensures non-stop delivery of services. “My business has increased many folds with the help of PayBingo, now I can manage all telecom operators with a single login. Now I am able to give time to my family” – Ankur Kakkar, farmer turned businessman Sampla Rohtak, Haryana Fastest Servers The backend of PayBingo is completely based on cloud technology installed on fastest servers in the world. “With PayBingo money transfer, people of my village can easily send and receive money from their children living in big cities, and in between I earn a good commission” – Nitin Prakash, Stationary Merchant – Samastipur, Bihar ‘‘ Eco-Minded PayBingo takes special care to minimize the carbon footprint, not wasting a single bit of resources. Safe Money Guaranteed PayBingo follows all the security and accounting compliance to make all transactions safe and secure. To know more about PayBingo and its services, visit: https://paybingo.in/ Word of Mouth ‘‘ We have the right tools for our customers to expand their revenue without any extra efforts A company’s value and position in the market is valued through its trust in its customers. Let’s hear from some of PayBingo’s partners: “PayBingo support is very helpful, they have resolved all my queries and they explain everything in a very simple and understandable manner.” – Puneet Batra, Business Owner, |December 2019 23

28. PayKun Providing End-to-End Digital Payment Services with Easy integration and Onboarding E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA This is where PayKun Payment Solutions Private Limited comes into play and eliminates such integration issues and aid merchants and businesses to set up digital gateways seamlessly. Based out of Gujarat, PayKun offers pioneering payment support for all types of small & medium-sized companies and startups. The firm’s payment gateway has successfully changed the general perspective towards the integration of digital gateways. The power of the firm can be realized by the words of some of its merchants stating, “It had never been so seamless until PayKun arrived.” About the Director The driving force behind the successful growth of PayKun is Vijay Yadav, the Director. Prior to being this role at PayKun, he has served as a Business Development Executive. He holds a Bachelor of Engineering from Shantilal Shah Government Engineering College. Vijay is instrumental in and has a demonstrated history of working in the financial services industry. Skilled in Management, Business Development, Business Strategy, and Marketing, he has left no stones unturned in setting up a robust digital service payments solution for the industry. Deepak Dabhi Founder and CFO N adaptation of the same cannot be said to be a hundred percent. In some cases, most eCommerce retailers perceive payment gateways as unnecessary workloads. Among them, the most cited issue is the integration and set up of digital gateways. However, a respectable number of merchants refrain from such payments due to discomfort faced at the integration of payment gateways. o one can deny the fact that digital payments have simplified transaction processes for users as well as for financial service providers. However, the PayKun has another dynamic personality behind its success. Deepak Dabhi as the Founder and CFO has driven PayKun for over two years now. Mr. Dabhi has completed Computer Engineering from Bhuj. He is a visionary and at present is perceived to finding new ways of maneuvering overhauling business models and operations to harness the opportunities that the emerging technologies offer. 26 December 2019|

29. Integrations Made Easy Small merchants facing troubles with integration can avail services from PayKun as it is compatible with all the major platforms. They can have quick integration with diverse platforms with PayKun’s FREE SDKs like PHP, Python, Ruby, .NET, etc. refunds, and disputes from a powerful dashboard. Further eliminating merchants’ and users’ hurdles, PayKun claims to offer technical support and 24/7 quick customer support via email, chats, and calls. PayKun Payment Gateway features are: Often times, small businesses or startups find it difficult to integrate the payment gateway on their website or app. Herein, PayKun provides full integration kits with all APIs and SDKs. Further, the integration services for the websites or apps allow one to start collecting payments online. For PayKun, the vision has always been simple – to simplify payments for small & medium-sized businesses, thereby facilitating equal opportunity to grow and flourish. • Zero Setup Fee / No Annual Maintain cost • Paperless Onboarding Process • Easy Integration Process (Android and IOS SDK, E-Commerce Plugin) • Fast bank settlements (T+1) • 24/7 Support via Phone call, Email, Live chat • Lowest Transaction Rate • High success rate • Payment Link • GST Compliance invoice • Advance back office • Recurring Payment Option • Debit cards like ICICI, Kotak, Citi, Canara and HDFC, Net Banking (E-mandate) • International Payment Acceptance • Convenience Fee • Credit Card, Debit Card, 60+ Net banking, UPI/ QR code, 10+ Wallet Like PayTm Wallet, PhonePay Wallet, Amazon Pay Wallet, etc. • Split Payment Options • MarketPlace settlement • EMI On Card • Vendor Payout Ease of Access PayKun aims to empower digital transactions by providing a secure payment gateway service for Indian merchants as well as sellers of all sizes. The gateway, in turn, assists merchants to provide seamless transactions for their customers/clients. PayKun provides over 120+ payment options which include various banks’ credit cards, debit cards, net banking, and wallets to accept payment easily. The payment service provider does this by providing easy option tools such as Payment link and Pay Button. One can share the payment link with the customer via SMS, Emails, WhatsApp, etc. and receive payments more easily. The payment button can be deployed by generating an embedded code that can then be put on the merchant's website/blog and start collecting payments easily. To summarize, trouble-free fast-onboarding and easy integration are two of the many essential factors that position PayKun as a key payment gateway provider in India. Going further than the quick easy options, PayKun has also made money transfers into the merchant’s bank faster than conventional payment gateways. According to the company, recipients can receive the given amount in less than three days directly in the bank account. Additionally, the merchants have diverse tools at their end to manage customers, identify each customer, and set up mail and invoices directly from the dashboard. Word of Mouth “I am a homeopathic doctor. It’s almost been a year now since I am using PayKun payment links to collect the consolation fees from my clients who live in different cities. All I do is share the link on WhatsApp and my client pay with just a click. I have to say PayKun has made it so easy for me to manage my transactions.” Going deeper, the solutions allow merchants to track sales data, get insights on the business growth, take significant steps accordingly. The solution provides valuable charts to track sales data and obtain full visibility into the weekly or monthly revenue, purchases, repayment rate, refunds and more. Consumers can produce different reports and get a rundown of daily sales, success rate, and peak operating periods etc. A merchant can also manage his transactions, -Dr. Pranjali Srivastava, Healing Touch Homeopathy Clinic & Pharmacy You can know more about the firm by visiting: www.paykun.com 27 |December 2019

30. UPI UPI T coins of gold and most necessities and wants were taken care of. Till the day robbers to found it just as useful and easy! Then came paper currency when people heaved a sigh of relief. Robbers and counterfeiters found this equally interesting and right up their alley. With the increasing cost of printing currency, chances of its being lost, pilfered or stolen & ever-increasing storage costs, a new form of currency to facilitate transactions had to be found. With every bit of information going the digital way, it was time for currencies too to go that way. Digital Money thus came in! You don’t store it. Yet, you spend it! And that’s because the thing being stored is the fact of holding and spending cash and not cash itself! History, Present, and Future here was a time when you went with a buffalo to buy a field, and with its milk, buy its feed! Bartering was not an option but a necessity to survive. That’s till gold came about. One or few With time, initiatives like demonit and circumstances including storage issues, digitization, etc caught up like wildfire. With just money-related entries, one could spend money to buy and sell stuff. Payment gateways came up where customers needed to give details of who they wanted to spend money on. Giving details of receivers including sellers, e-commerce companies etc initially took days and then hours to register. 28 December 2019|

31. Gateway Evolution 29 |December 2019

32. With receivers’ registration in place, bank-account holders could send money within 24 hours of making the payment. Initially, there were three options, RTGS, NEFT and IMT with RTGS being the most preferred as the transactions took place with 30 minutes of initiation. With time IMT, short for Instant Money Transfer became the most preferred as it took place throughout the day and money was transferred almost instantly! • Secure transactions! The RTP core infrastructure used in UPI transactions is almost inviolable. Also, what one share is a virtual address instead of bank account details which makes it all the more secure • Bank details are never stored on mobile phones or gadgets which make them very, very safe and secure! • Very, very low cost of the transaction. • Ease of doing transactions! Imagine using Google Pay to send money to anyone! It’s almost as easy as sending an email! Every contact on the mobile phone with an attached bank account can be a potential recipient! It’s equally easy to transfer money to others if they have a QR code! • Unlike a payment wallet, the UPI is about payment from one’s own existing account without the need to form another layer of paying intermediaries like wallets! A few hitches still persisted despite money being transferred at the speed of light! First, the whole process of registering receivers has to be done from scratch for every bank account on the latter’s site which was tedious and time-consuming, not to mention fraught with the threat of online frauds. Second, the whole process of making payments through websites (despite dynamic websites being in place) was OK on a big screen. With a small screen, entering so many details were rather inconvenient. Third, the kind of payments that cash could facilitate could never be accomplished by the existing options like RTGS, NEFT and IMT. Something else had to be found. And that something, which had the convenience and ease of cash transactions with the security and of digital transactions has come about to a large extent in the form of UPI. But, is everyone happy with UPI? Figures seem to speak for themselves! • Today’s figures for UPI transactions: Up from 178 million in April 2019 to 800 million in March 2019! An almost 4.5 times jump (450% jump)! • Figures of rejection: Down from 3.5% to around 2% • Transaction success rate: Up from 78% in April 2018 to 87% in March 2019! • Payment mode-wise payment%: UPI almost 51%, Cards 26%, net banking almost 9.5% Unified Payment Gateway, UPI in short, is an app that helps receive and send money for more than one bank. So you could have accounts in a SBI, a Citibank, an Axis Bank, an ICICI Bank and every other bank which has an IFSC code in one app on your mobile (and assuming you have accounts in any or all of them in the first place!) and choose to transact with anyone of these at one time! The only condition is that the receiver has to have a bank account connected to the mobile number. If that’s so, doing transaction(s) through the NPI-mandated app is a dream! As for the future of UPI, it’s as bright as the present! See for yourself! • More payers and receivers onboard due to fewer costs and faster transactions • More incentives to transact online due to lower costs • Sellers too want buyers to pay using UPI due to reduced costs • Merchant to merchant transactions also a possibility due to speed and reduced costs • Banks & other lenders which give loans would join UPI to disburse loans due to low costs & great transaction speeds! • Linking of overdrafts facility to UPI to make seamless payments! • Pre-mandating of likely future transactions (like Uber/ Ola to be paid x sum only by entering App password without authentication all over again once the ride is over. Payment will automatically be made after the ride is over) • Linking of email ID to UPI transactions to first inspect invoices and credential of the seller before making payments • Using UPI to pay after scanning the seller’s QR Code. If the QR code is UPI certified, quality is assured! Transactions under UPI get initiated when the sender using a UPI-mandated app sends a payment instruction to his/ her bank to check for the balance. If the same is available, an instruction then goes from the app to the recipient’s selected bank through a secure RTP core infrastructure which validates the transaction. The recipient bank while acknowledging the message, routes it back to the RTP core with their acceptance or rejection of the same. If accepted, the paying bank debits the account of the sender and credits that of the receiver. With this, the transaction is complete. What is pleasantly surprising is that all this exercise is done in real-time with hardly any time lag, almost instantly! On where UPI-mandated transactions score over other forms of payment, there are quite a few points, including: • Transactions at all hours every day (24 hours x 365)! • Speed of transaction! Money gets credited to the receiver’s account almost instantly 30 December 2019|

34. PayNearby Assisting Nation’s Cashless Economy E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA PayNearby provides last mile access of basic financial services to India’s large distributed populace who are digital shy and have not still not integrated to formal economy. It works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby, TravelNearby and among others. The Leading Light of PayNearby PayNearby is under the leadership of, Anand Kumar Bajaj - MD & CEO, an IIM-A alumnus and a Chartered Accountant with over 18 years of experience in Digital Payments and Mobility. Previously, he has served YES Bank, ICICI Bank, and Ernst & Young. At Nearby Technologies, Anand and his team are committed to bridging the digital gap in India through scalable technology, grass-root level distribution, and empowerment of the last mile. In this endeavor, Anand works closely with RASCI, TRRAIN, and other industry bodies to upskill and empower retailers, who form the hub of local communities and can bring meaningful changes in society. (LtoR) Subhash Kumar, Rajesh Jha, Anand Kumar Bajaj, Yashwant Lodha Akansha Singh project manager I serving a population of over 1.3 billion people is an enormous task. A large part of India still remains outside the formal economy and have little or no access to basic financial services. This has resulted in a large under- serviced population, left behind in the rapid strides that the country took in financial technology over the last few years. Insights Success feels privileged to tell you about an industry leader, serving the underserved population tirelessly. We are delighted to introduce to PayNearby, a flagship brand of Nearby Technologies Private Limited. ndia’s financial sector is undergoing rapid expansion, both in terms of growth of existing financial services firms and new entities entering the market. However, Unyielding Roots in the Industry Incepted in 2016, PayNearby empowers local retail shops to offer financial products leveraging assisted technology led modules. The company offers a bouquet of financial services including cash withdrawal, domestic remittances, utility bill payments, card payments, savings products, insurance, and many others. Through retailer empowerment, it ensures that access to financial services is available in every district, town and villages, thereby moving towards a cashless economy. 32 December 2019|

35. PayNearby has enabled local retailers to utilize a variety of digital services to serve customers in their catchment areas. With PayNearby Domestic Money Transfer service, retailers can help customers instantly transfer their money to any bank account in the country, anywhere and anytime. Products like BBPS powered Bill Payment services help customers easily pay utility bills across 100+ billers and through AePS and Micro ATMs, users can now withdraw money from their nearest local store. Awards: • CA Innovator Award - January 2019 • World Payments Congress - February 2019 - 50 Most Influential Payment Professionals • SKOCH Order-of-Merit Awards - June 2019 • Category Leader for Fastest Growing Digital in Kirana Segment - April 2019 • DigiDhan Mission FinTech - October 2019 - Innovation in Digital Payments Acceptance Infrastructure in Rural India According to the firm, its biggest differentiator in the market is its technology architecture. Such setup not only promises the highest success ratio but maximizes efficiency in retailers’ daily lives. Consequently, PayNearby is leading the segment with Aadhaar Enabled Payment System (AePS), or Aadhaar banking with 33% market share, which facilitates cash withdrawal, and balance inquiry through customer’s Aadhaar number and fingerprint authentication. Applying the mantra of ‘Automate or Eliminate’, PayNearby has automated every functionality, which has helped the company scale and handle large volumetric data. Scaling New Horizons From 8,00,000 retailers to 50,00,000 retailers in the near future, PayNearby has set aggressive goals to ramp up and be the port of call for assisted hyperlocal services in the county. The company also plans to foray into international markets with active evaluations in Sri Lanka, Bangladesh, and South Asia markets. “The level of digitization in this region is similar and remarkably high, alongside, the state of banking which remains similarly low. Hence, adoption of our platform in the local context of this region ‘nearby’ is obvious extension,” concluded Anand. With the huge success and adoption that the company has seen in the first 3 years of its operation, PayNearby is now geared for its next phase of growth. It is well-positioned to move forward to version 2.0 with the launch of new verticals like Travel and Insurance. The company has also applied for an NBFC license to meet the financial needs of the Retailing Community. “The rich data analytics that we have on the retailer are valuable inputs to risk scoring and will allow us to provide customized lending solutions to our retail partners and customers,” says Anand. You can know more about the company by visiting https://paynearby.in/ ‘‘ We have the world’s largest assisted hyperlocal agent banking network that will granulize, sachetize, and universalize nancial services and make it available to every Indian PayNearby stands strong today with a stellar performance of: ‘‘ • 10,00,000 + daily transactions, registered retailers ~800,000+ serving more than ~10 crores customers • Serving 16,772+ PIN codes in 28 states and 9 union territories in India • 33% AePS market share, serving India’s 93% rural population • Expected to cross Rs. 70,000 Crore GTV in FY 19-20 • Partnership with RASCI for over 24,000 PayNearby retailers certified under NSDC • InsureNearby another Nearby Technologies brand with certification of over 30000+ Point of sale Persons (POSP) for selling insurance products. Anand Kumar Bajaj, MD & CEO 33 |December 2019

36. PayNet Providing Solutions for Nation’s Financial Systems and Economy E 10 BEST T H Digital Payment SERVICE PROVIDERS IN INDIA economic point of view, the nation has been progressing in the right course. This digital wave has urged companies to keep innovating to provide the industry with cutting-edge technologies and solutions. Among those, Insights Success presents you PayNet, a firm that safely, reliably, and effectively enables the functionality and development of India’s Financial Systems as well as the economy on a whole. The company has launched Merchant Acquiring services as a Joint Venture in Kingdom of Saudi Arabia with a local partner and solely in the Kingdom of Bahrain. The company envisages expanding to entire GCC as well as South East Asia by the end of 2020. About the Founder & CEO Incepted in 2013, PayNet is the brainchild of Anis Warsi, CEO, and Founder of the company. He hails from the Payment Industry Background with over 20 years of experience in varied roles. Prior to launching Paynet, he has served PayTabs, mChek and consulted Riyad Bank, Mobily, and a host of other large corporates across India and the GCC. Anis Warsi CEO & Founder I Demonetization can be called as a learning curve that provided a boost to the online payment industry. It encouraged consumers to look past conventional cash transactions. Being a dynamic business leader with global experience across different geographies and industries, Anis leads his organization with a vision of a business strategy, development of an economic business case, and execution of an aggressive project plan. His key skills include Qualitative Experience in Strategy Planning, Sales/Business Operations, Product Management, Investor Relations, and P&L Management. Further, he has successfully catalyzed revenue and profitability growth, new customer acquisition, new market development, team building, built successful regional organizations, built diverse sales channels for n recent years, the digital payment industry has seen steady progress, growth, and innovation. The nation also witnessed an increase in the deployment of PoS and mPoS terminals. Consequently, the use of wallets and digital transactions increased. Hence, from an 34 December 2019|

37. markets in India and the GCC. He also played a strategic role in organizational growth within a changing international business environment. enables merchants having customers outside India to accept international payments. • Quick Deposit of Funds In his earlier stint at a Middle East-based payments company, Anis led the business to grow from one million USD annually in 2014 to 300 Million USD annually by 2017 across GCC and India. All transactions are routed through the local Nodal account and then transferred directly to the merchant’s registered bank account. This ensures that the funds are deposited in the least amount of time. Built for Businesses PayNet is an online Payment processing platform addressing the specific needs of the SME, eCommerce, and the growing non Card market through its product ManageMod. The firm’s key areas are the cross-border eCommerce and the nascent Property Management Payment market. PayNet offers an Online Invoicing feature that provides any SME merchant to accept payment online. This feature also aids merchants who do not have a web presence but still can make ePayments for their organization. • 24/7 Support The team at PayNet ensures that the merchants receive the required support quickly so as to enable them to focus on their business. Moving Ahead In forthcoming years, PayNet aims to service eCommerce merchants while ManageMod will help aggregate payments from eCommerce clients. It is poised to grow in the GCC through joint ventures with certain countries before the end of 2019. The focus areas will be innovations in payment methods, in particular, smartphone PoS, and mobile payments. PayNet is also one of the firsts to link UPI-based payments to a mass outreach platform, ManageMod. The platform focuses on billing, collections, and accounting for housing societies, co-working spaces, schools, and commercial establishments. Adding to that, PayNet offers a wide range of currency acceptance across the globe. Thus, ensuring minimum loss to the merchant in terms of conversion fees. ManageMod or Management Module, is a platform designed with the vision to help SME and non-traditional businesses to manage their business processes as well as accept payments. The platform can service small banks, housing societies, co-working spaces, schools, DSA’s, CA’s and various other commercial premise. PayNet also aims to offer Automated User management, Automated Billing Management, and Integrated Payment Management all through its payment gateway. The plan further entails offerings of Integrated Access and Internet Management. You can know more about the company by visiting: www.paynet.co.in ‘‘ To summarize, the key offerings of PayNet are: • Online Invoicing As said, the Online Invoicing feature provides any SME merchant to accept payments online even if they lack a web presence. • UPI Based Payments PayNet is one of the first to link UPI based payments to a mass outreach platform i.e. the inhouse mSociety platform, focused on the billing, collections, and accounting for housing societies. We believe in providing simple and secure access to accepting payments without any limitations on the type of merchant/establishment • Multi-Currency Support PayNet offers a wide range of currency acceptance across the globe. This ensures that there is a minimum loss to the merchant in terms of conversion fees. ‘‘ • International Card Acceptance Cross border transactions are the pivot of PayNet. It 35 |December 2019