In India, the payments and Fintech ecosystem has been growing rapidly, as per the EY Fintech Adoption Index 2017. The index denotes Fintech and digital payment users as a percentage of the total digitally active population and has ranked India second in the list of top 20 countries.
PayPortal: Creating a niche in the digital payment industry
An entity which is working towards revolutionizing the payment ecosystem in the country through innovation and collaboration is PayPortal. Established by experts with more than two decades of experience in the international payment services industry, PayPortal is a payment solution company with expertise in mobile recharges, utility bill payments and money transfer. It provides a broad portfolio of services to large Enterprise, Small & Medium businesses, and end-users.
To further develop the existing PayPortal platforms, the developers have adopted the blockchain technology. Adoption of the technology will ensure that the trusted platform of PayPortal can provide highest standards of safety and security and ease of transactions in money transfers
While the payment industry is a highly competitive ecosystem, PayPortal has established its niche through offering its customers quicker service response with customers getting credited within seconds depending on the transactions type they opted for, a high success ratio of transactions as well as instant refund procedure. The company also prides itself on the efficient and highly professional customer support processes and teams. The customer and billing support teams are available telephonically from early in the morning at 7.30 AM till 10.30 P.M. in the night and Whatsapp and e-mail support is available 24×7
Strengthening the partner network and building open communication channels
PayPortal has also recently kicked off many new initiatives to strengthen channel partner network including the introduction of innovative deals like Happy Hours and PayPortal Retailers League to attract and motivate Trade Partners and create a competitive spirit to achieve and surpass targets. The initiative, ‘Flat Retailer’ has been introduced which has made retailer onboarding extremely smooth and easy, so much so that any person can easily connect with PayPortal as a retailer if he so desires. The introduction of KYC (Know your customer) system has helped the organization to keep a track of the partners and customers across the value chain as well as making the process smoother. Additionally, geolocation tags have been added to retailers’ and distributors’ points of sales to keep track of users and help partners with customer-specific solutions.
PayPortal believes in clear and transparent communication and proactively communicates with its stakeholders through varied platforms. The organization is leveraging social media platforms to connect with users to provide information related to new developments. Also, top management regularly participates in industry forums such as the recently concluded, IReC 2018 to create awareness as well as engage in fruitful learning interactions with peers.
Strategies for success
PayPortal adopted some very successful strategies in 2017 to ensure business growth and partner success including providing competitive margins to channel/trade partners as well as improving the spread onboarding new channel partners. The company is also laying emphasis on bringing on board newer API (Application Program Interface) partners to improve business penetration.
The company’s focused area and demography approach have helped in improving the footprint of the organization. The company’s strategy of focusing on the densely populated areas with specific demographic sets as well as bringing on board locals as channel partners has not only helped in improving the service levels for end customers but also created a positive view of the company in the market.
Going forward the company is progressing towards finalizing the integration with state Bharat Bill Payment System to access all utility bills, issued by Indian companies across the country. The company is also releasing a new version of IOS and Android applications with DMT and promoting new bill payment services among the biggest distributors and retailers in the market. A path-breaking step taken by the company is the development of own blockchain for PPTL coins and leveraging the power of blockchain technology for strengthening overall systems.