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.

1. 2019 / Vol. 12 / Issue 07
The
10DIGITAL
PAYMENTSERVICE PROVIDERS IN INDIA
BEST
INDIAINDIA
TRANSACTTRANSACT
SERVICES LTDSERVICES LTD
INDIA
TRANSACT
SERVICES LTD
TRANSACTIONS MADE SIMPLE

4. E
t present, there would hardly be anyone who has not noticed the upsurge of digital payments. From demonetization to
Athe 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
‘Cashless’ is the New Formula

5. 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!
Payment services should be as easy
as finding a friend on social media“
“
Anmol Preet Singh

6. ARTICLES
CENTERPIECE
Tips to Adapt to Tech in
Everyday Life20
TRANSACTIONS MADE SIMPLE
10
GATEWAY EVOLUTION
UPI: History, Present, and
Future 28
CoverStory

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

10. Co-designer Shweta Ambilwade
Art & Picture Editor Savita Pandav
Art & Design Head Amol Kamble
Associate Designer Poonam Mahajan
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.
Corporate Ofces:
Insights Success Media Tech LLC
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Phone - India: +91 7410079881/ 82/ 83/ 84/ 85
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DECEMBER, 2019
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Cover Price : RS. 150/-
Editor-in-Chief Pooja M. Bansal
Managing Editor Anmol Preet Singh
RNI NUMBER: MAHENG/2018/75953
SME-SMO Executive Manoj Shelge
Circulation Manager Tanaji
Digital Marketing Manager Prashant Chevale
Technical Specialists Amar, Pratiksha
Business Development Executive Prathmesh Kate
Business Development Lead Tejaswini Whaval
Business Development Manager Megha Mishra
Publishing Control Team Rahul, Shruti
Quality Assurance Team Darshan, Sneha

12. Cover Story

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

14. s stated by global advisory
AKPMG 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.
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
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.
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.
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

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.
Exemplifying Leadership
Sunil Khosla is the Head, Digital
Business for Retail 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.
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.
He has approximately 19 years of
experience in sales and distribution.
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.
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
“Young Digital Person of the Year”
award at the Digital Customer
Experience Summit 2019 by
Zendesk.
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.
The Flagship Terminal
The firms’ Ongo Business POS is one
“We provide a host of services such
as billing solutions, innovative integrated
solution suites, and credit facility
through third-party lending companies”

16. T
H
E10
BEST
Digital
PaymentSERVICE 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++.
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
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.”
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
We simplify
transaction
process by
providing
End-to-End
Digital Payment
Solutions
““

17. reliable and traceable transactions
and tools for enhancing transparency
which is the need of the hour.
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.
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
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
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:
• ‘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
Experience Summit 2019
• India Transact was bestowed with
‘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.”
Apart from loyalty programs,
we offer various value-added
services that enable merchants
to grow their business
““

20. 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, helms projectAkansha Singh
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’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.
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
AmaldDelivering Seamless
Payment Processes
There is no denying the fact that digital payments
have taken a revolutionary tread in India. With
people opting for digital transactions today more
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.
T
H
E10
BEST
Digital
PaymentSERVICE PROVIDERS IN INDIA
18
Akansha Singh
Project Manager
December 2019|

21. 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.
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.
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 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.
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.
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
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.
With our many
payment options,
you are free to
choose the best
solution for your
business
‘‘
19|December 2019
‘‘

22. TIPSto
ADAPT
to Tech in
EVERYDAY
LIFE
For 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,
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!
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. 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.
• 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.
• 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
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.
• 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.
• 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.
Centerpiece
21|December 2019

24. 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.”
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-
Your Preferred B2B
Digital Payment
Service Provider
As more and more digital payments service providers
have emerged in the market, making sure to pick
the right one has become critical. Also, the
available market is vast, with a myriad of providers offering
an even larger number of services.
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
T
H
E10
BEST
Digital
PaymentSERVICE PROVIDERS IN INDIA
Parveen Wadhwa
Founder
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’.”
PayBingo serves to the customer via the following robust
pillars:
Quality Guaranteed
PayBingo’s in-house technical team ensures non-stop
delivery of services.
Fastest Servers
The backend of PayBingo is completely based on cloud
technology installed on fastest servers in the world.
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.
Word of Mouth
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,
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.
“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
“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
To know more about PayBingo and its services, visit:
https://paybingo.in/
We have the right
tools for our customers to
expand their revenue
without any extra efforts
Mr. Naveen Doda
Co-founder
23
|December 2019
‘‘ ‘‘

28. 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.
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.
PayKunProviding End-to-End Digital Payment
Services with Easy integration and
Onboarding
No one can deny the fact that digital payments have
simplified transaction processes for users as well as
for financial service providers. However, the
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.
T
H
E10
BEST
Digital
PaymentSERVICE PROVIDERS IN INDIA
Deepak Dabhi
Founder and CFO
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.
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.
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.
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.
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,
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:
• 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
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.
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.”
-Dr. Pranjali Srivastava, Healing Touch Homeopathy Clinic
& Pharmacy
You can know more about the firm by visiting:
www.paykun.com
27|December 2019

30. UPIUPIHistory, Present, and Future
There 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
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!
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!
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.
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!
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
• 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!
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%
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!
30 December 2019|

34. 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.
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.
India’s financial sector is undergoing rapid expansion,
both in terms of growth of existing financial services
firms and new entities entering the market. However,
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.
T
H
E10
BEST
Digital
PaymentSERVICE PROVIDERS IN INDIA
PayNearby
Assisting Nation’s
Cashless Economy
Akansha Singh
project manager
(LtoR) Subhash Kumar, Rajesh Jha,
Anand Kumar Bajaj, Yashwant Lodha
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.
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.
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.
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.
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
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.
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
Anand Kumar Bajaj,
MD & CEO
33|December 2019
‘‘ ‘‘

36. 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.
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
PayNetProviding Solutions for Nation’s
Financial Systems and Economy
In recent years, the digital payment industry has seen
steady progress, growth, and innovation.
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.
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
T
H
E10
BEST
Digital
PaymentSERVICE PROVIDERS IN INDIA
Anis Warsi
CEO & Founder
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.
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.
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.
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.
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.
• 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
enables merchants having customers outside India to
accept international payments.
• Quick Deposit of Funds
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.
• 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.
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
We believe in
providing simple
and secure access to
accepting payments
without any limitations
on the type of
merchant/establishment
|December 2019 35
‘‘
‘‘