“We believe our biggest competitor is cash.”

“We believe our biggest competitor is cash.”

Fintech 35

Paynear Solutions, a transactions processing company which builds solutions for payment processing, customer and store management, aims to serve more than one million merchants and process billions of transactions in the coming years.

Dr. Priti Shah, Co-founder and CEO

Incorporated in 2013 by Prabhu Ram and Dr. Priti Shah, Paynear aims to help make India a cashless economy.  The founders believe that accepting card payments should not be complicated with high-cost infrastructure. And hence, they built a product that provides a simple and affordable solution for businesses of all sizes – from an Individual to multi-million dollar enterprise to accept hassle free card payments.


Changing the mindset from cash payment to a digital mode of payment is the main challenge.


To aid its expansion and improve its technical expertise, the company also raised US $ 2.5 million from serial investor Mitesh Majithia in December 2015.

Ready to transform

With an experience of deploying more than 10,000 devices in 150 cities and towns, the company is equipped to meet the emerging needs of card and digital payments landscape with its fully compliant payment solutions.It’s “Paynear ONE” is a solution that transforms merchant’s Smartphone/Tablet/PC to a card payment acceptance device. The solution connects to a chip and pin, EMVCo certified PED to process payment transactions. It also offers an end-to-end merchant-centric solution that aids in store management, active customer engagement, and rewards, sales tracking apart from payment acceptance.  

“We are the only company in India today to offer an omni-channel payment solution facilitating a merchant to offer more than 40 payment options to customer including cards, Internet banking, wallets, EMI along with value added services like money transfer, bill payments, recharges and much more,” states a proud Priti Shah, co-founder and chief executive officer of the company. This apart, a merchant can also offer mini ATM services to their customers. Merchant can now earn additional income through a single unified app, all in one by just downloading the app from google store or app store. This solution is offered to small merchants right upto large enterprises, depending on the need of the merchant. “This solution was designed keeping in mind the various needs of merchant across all segments and this is what differentiates us from rest in the industry,” states Shah.

Advantage Fintech

The management team of Paynear has been in the payments industry for the last 12 years and understands this sector very well.  “We have aspired, inspired and respired payments for more than a decade and it’s our passion to innovate in this industry,” says a passionate Shah. This helps them understand the unit economics and the pain of merchants and as a result, come up with solutions that are relevant to the segment.

Challenges 

“It’s not the mind but the mindset which is the issue,” states Shah. She elaborates, Changing the mindset from cash payment to a digital mode of payment is the main challenge.”But, she believes that India is well poised for this big change and things are slowly but surely changing.  “We believe our biggest competitor is cash,” says she.

Future growth path

In next five years, the company aims to serve more than one million merchants and process billions of transactions. “We foresee Paynear serving even the grass root level merchants and helping them to be a part of financial inclusion thus playing our part for our nation,” concludes Shah.


Snapshot

Founders: Prabhu Ram and Dr. Priti Shah

Year: 2013

Concept: Paynear Solutions is a transactions processing company, which builds solutions for payment processing, customer and store management, and enabling merchants to offer lots of value added services to their customers, which in turn increases their revenue.

Investors: Raised US $ 2.5 million from serial investor Mitesh Majithia in December 2015. 

Poornima Kavlekar has been associated with The Smart CEO since the time of launch and is the Consulting Editor of the magazine. She has been writing for almost 20 years on a cross section of topics including stocks and personal finance and now, on entrepreneurship and growth enterprises. She is a trained Yoga Teacher, an avid endurance Cyclist and a Veena player.

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