How digital payments landscape is changing in India: Priti Shah, CEO of Paynear

By IndianCEO Team

Posted on May 31, 2017

India has one of the fastest changing payments landscape in the world. Post demonetisation was a shock to the public and the biggest challenge was for older generation to able to make a switch to function without cash. The digital payments industry is Asia’s third-largest economy will grow by 10 times to touch $500 billion by 2020 and contribute 15% of gross domestic product (GDP), the report predicted.

Paynear is the only Omni-Channel platform to offer merchants multiple payment options through offline & online card acceptance, Net banking, EMI, UPI, wallets, mini ATM with Value Added Services like recharges, Bus Ticket Booking and many more in a hassle-free and secure merchant centric solution under one umbrella. India is a huge market with a majority of young & dynamic population where innovation is inevitable. We also take pride being the first mPOS service provider to start UPI as a payment option to our merchants.

Paynear has been an active stakeholder in moving to a digital India. We have already made some villages cashless and it’s a continues process. We believe that we add a value to the eco-system and people for digitization and empower them to be a part of the cashless economy.

We plan to: 

1. Enable Small & micro merchants in offering them a simple and secure solution to accept digital payments
2. Encouraging / educating / promoting affordable solution to the new merchants who are not a part of the digital mode payment system
3. Diversifying in the Bharat part of India for facilitating payment infrastructure to the last mile regionally
4. Enabling new segments apart from the retail for a digital acceptance
5. Promoting Government schemes and latest payment options like Aadhar, Bharat QR to all Paynear merchants

How digital payments companies will compete with BHIM,Aadaar?

QR and Aadhar based payments will be part of paynear offerings for merchants very soon rather then seeing them as a competetors.

competition is never a problem as when you have a right product, right market & right approach you get your own market share to evolve as a market leader. We believe as there is payment eco-system is relatively smaller vs the large market instead of competing with each other, should now work together to beat cash for a cashless economy.

How digital payments landscape is changing in India: Priti Shah, CEO of Paynear