Payza Executives Honored with Industry Awards

Payza Awards

Payza’s CEO, Firoz Patel, and Payza India Director, Vineet Tewari, receive recognition for their hard work and success

Payza has seen tremendous growth in 2016 and 2017, growth that would not be possible without the tireless efforts of the company’s executives. Recently, two Payza executives were recognized for their efforts and Payza’s success.

Payza CEO, Firoz Patel, has received the Fintech Awards 2018 prize for Insight & Globalisation Innovation Entrepreneur of the Year – Canada, presented by Finance Monthly. The award recognizes Payza’s important role in promoting fintech solutions that pave the way for a more connected world.

“We have a vision at Payza to bring online financial services to every region of the globe, not just the developed world,” said Patel. “This award is gratifying because even though we believe in our vision, it is satisfying to know that experts in the field share our enthusiasm and recognize our efforts.”

Payza India Director, Vineet Tewari, was also honored this year, named as one of the 50 Most Influential Payment Professionals at the Asia Retail Congress 2018. The award notes that “[Vineet Tewari] is a proven builder of key customer/partnering relationships [and] is a proactive and performance-driven professional with a go-getter attitude.”

Payza India also received the Best International Payment Processor Award at the 2017 Super Achievers Awards in December. Payza has placed a strong focus on the Indian market, a move that coincides with the country’s shift towards demonetization that would require more digital payment options and services.

Payza has partnered with New RAMPGreen Technologies(NRGT) of India to bring convenient online payments to the Indian market. “We’re excited to be working with NRGT to deliver even more convenience to our Indian members. With this, we are able to offer Indians a way the innovative services they need at a reasonable cost,” said Firoz Patel.

Tewari, under the mentorship of Patel, has played a major role in helping Payza achieve the organization’s goals in India. He is developing new business opportunities for Payza in India through his network of industry contacts.

 

This slideshow requires JavaScript.

For all the latest Payza news and updates, be sure to subscribe to the Payza blog and follow us on Twitter and Facebook.

Payza Wins E-commerce International Payment Processor Award from Stars of the Industry

Payza Press Release

Payza continues to gain international recognition, earning its third major award of 2017.

Mumbai, Maharashtra, India, December 4, 2017 – Payza was recognized as the best international payment processor at the 2017 Super Achievers Awards in Mumbai, India. The award is a third major win for Payza this year at international events, along with wins at the MPE Awards in Berlin, Germany, and the CNP Awards in Orlando, USA.

Payza is the first online payment platform in India capable of Inward, Outward, Domestic payments and Remittances with full support of exchanges. Payza members in India can instantly send and receive money, to and from over 190 countries worldwide. Members can use their desktops or mobile app to send & receive money using Payza’s easy and secure services.

Payza’s win at the 2017 Super Achievers Awards comes the same month as the company was nominated for Startup of the Year at the India FinTech Awards. The company was represented at both events by Payza India Director, Vineet Tewari.

“It is because of the contributions of every Payza India employee that we achieved this level of recognition. I am very proud of our team for all that we have accomplished,” said Vineet Tewari.

“Payza has many more exciting plans for India and the world, we hope to keep building on our success this year,” added Tewari. “Stay tuned for another brand-new product release: Outward Remittances. Absolutely hassle-free, seamless and completely online, a send money option across the Globe, available at one single click, one single platform, at the comfort of your home.”

 E-commerce - International Payment Processor Award

About Payza

Payza is an award-winning online payment processor. The highly secure platform provides businesses around the world practical solutions for processing online payments and disbursing payouts and remittances, both in traditional currencies and Bitcoin. Payza supports 26 currencies and serves over 14 million Business and Personal members in more than 190 countries.

Payza offers a wide range of built-in tools including: Online payment processing, online global money transfers, fraud screening, subscription billing, transaction dispute resolution, cryptocurrency exchange services, global payouts, and much more. Payza accounts can be managed through the desktop website or using the Payza App for Android and iOS.

More information is available about Payza on its website (http://www.payza.com), FacebookTwitterLinkedIn, and the company’s blog.

Disappearing Banknotes in India: Understanding the Terms Surrounding Digital Payments

Don’t know what are UPI, NPCI, IMPS, NEFT, or RTGS? Don’t worry, we can help!

The people of India are still adapting to the sudden demonetization of the 500 and 1000 rupee banknotes. Emerging from what experts have described as a “debacle” and utter “fiasco” in monetary policy, many Indians are frustrated by media reports that offer confusing information about India’s financial system.

To help bring some clarity to the situation, we wanted to go over some of the unclear terms in finance and digital payments that are common in media reports about demonetization.

What is UPI?

Unified Payments Interface (UPI) is a digital payment system network. Using an app on a smartphone, the UPI enables citizens to transfer money between bank accounts of 19 major Indian banks. In addition to simplifying and increasing access to many basic banking services, the UPI app lets a customer to transfer funds to the bank account of a merchant to make payments without the need to share private financial information.

The National Payments Corporation of India along with The Reserve Bank of India developed the app to encourage Indians to replace cash transactions with digital payments.

For more information, see this article about UPI and the related app in The Hindu: What is Unified Payment Interface?

What is IMPS?

Immediate Payment Service (IMPS) is a digital payment system network. IMPS enables the instant, digital transfer of funds between major banks.

Like the UPI, the IMPS platform makes it easy to digitally transfer funds between banks using mobile phones. Using this service, citizens can transfer funds whenever they please, even during off-hours and bank holidays.

The IMPS platform is managed by the National Payments Corporation of India and operates using the National Financial Switch network.

What is NEFT?

National Electronic Funds Transfer (NEFT) is the most extensive banking network in India to transfer funds digitally. This network provides a simple and cost-effective means to transfer funds throughout India and is popular for settling retail remittances. This banking service is available during business hours and closes for bank holidays.

What is NPCI?

National Payments Corporation of India (NPCI) is a non-profit organization that oversees all retail payment systems in India. The organization aims to offer all Indian citizens unrestricted access to digital payment services. Endorsed by the Reserve Bank of India, the NPCI is a leader in advancing India’s “cashless society” initiative.

What is RTGS?

Real-time gross settlement (RTGS) is a money transfer system within a country that enables the transfer of a high volume of funds between banks. Finance companies use this system to transfer money or securities instantly, where the funds are sent individually rather than bundles or batches that are mixed with other securities. The RTGS provides essential financial infrastructure for a country’s Central Bank and monetary system.

Do you know of other banking and finance terms we should add to our list? Would you like for us to explain the details of a digital payment system? Tell us in the comments section below.

Country Spotlight: Understanding Consumers and Cross-Border E-Commerce in India

Much like Black Friday in the West, the festival of Dussehra celebrated this week in India marks the beginning of India’s holiday shopping season. And, like everywhere else in the world, people are increasingly shunning the frenzy at the market in favor of shopping online. While still representing only a fraction of total retail sales, e-commerce is now an essential part of the foundation of the global digital economy.

Although e-commerce only accounts for 2% of transactions in India, when talking about the second most populous country in the world, 2% is more than enough to make waves on the global stage.  Two Indian start-ups, Flipkart and Snapdeal, are already valued at over $1 billion USD each and make up two of the three biggest e-commerce players in India. Amazon, the third big player, invested heavily in this market, an indication of India’s value to cross-border retailers.

As the fastest-growing e-commerce market in Asia Pacific, with a demand for consumer products growing at a much faster rate than the domestic supply, India is a ripe market for international business. In this article we’ll explain the unique makeup of Indian consumers as well as the drivers of, and barriers to, cross-border e-commerce. If you’re not sure whether it’s time for your business to start selling in India, then this post is for you.

Unless noted otherwise, we source stats in this article from:

Indian Consumers

  • Population: 1.3 billion
  • Internet users: 354 million
  • Online shoppers: 41 million
  • E-commerce sales: $17.5 billion USD
  • Mobile shoppers: 9 million
  • M-commerce sales: $800 million USD
  • E-commerce annual growth rate: 37.4%

As you can see, e-commerce penetration is relatively low compared to markets such as the US (84%) or France (81%), but because of the sheer size of the population, India’s internet user base is still the second-largest in the world, behind only China. The fact that an admittedly immature e-commerce market is already one of the most powerful in the world just goes to show the immense potential and room for growth for online retailers selling in India.

41 million online shoppers are nothing to scoff at, and that number is growing with an influx of young, middle-class, mobile-ready consumers. Hindi is the dominant language, but 20% of the population is fluent in English, predominating among younger demographics, the same demographics that are more likely to shop online; this signifies that English-language websites can still market effectively in India.

One of the challenges facing merchants expanding into India is that they’re competing in what is still primarily a cash-based economy. Since most Indian consumers do not own a credit card, credit cards represent only 24% of total value of online payments, behind bank transfers (29.3%), and cash-on-delivery, which leads with 37.5%.

Drivers and Barriers

Barrier: Low acceptance of online payments

The popularity of cash-on-delivery indicates a low trust level for online payments. The lack of credit card penetration and low market share of e-wallets (1.5%) pose a challenge for international sellers.

Driver: Growth of mobile payments

M-commerce may provide the solution. Already representing 4% of e-commerce payments, nearly triple those represented by e-wallets, 30% of total e-commerce traffic comes from mobile devices and 14% of all websites visited via mobile device were e-commerce sites. With 72% mobile penetration and e-commerce being driven by a younger, increasingly connected and increasingly mobile crowd, m-commerce will become the driving factor in the continued growth of e-commerce in India.

Barrier: Locally-sourced products

India requires that cross-border retailers source 30% of their products and services locally, which means that businesses shipping all their goods from a centralized location will face significant barriers when selling to India.

Driver: No sales tax, less duty

India does not levy a sales taxes on goods shipped into the country and certain product categories, including laptops and other consumer electronics, aren’t subject to duty. Depending on the type of goods you sell and where you source them, selling in India can keep your costs down.

Indian E-Commerce Facts

  • India is the fastest-growing e-commerce market in Asia Pacific worth $17.5 billion USD in 2015.
  • The US and China are the main countries for cross-border e-commerce sales to India.
  • The demand for international consumer products is growing more rapidly than domestic distributors can keep up with.
  • Consumer electronics, apparel and media products represent the vast majority of online retail spending.
  • 75% of internet users are below 35, the demographic most likely to participate in e-commerce.
  • Nearly the entire population has access to postal delivery to their door, making shipping and fulfillment quite straightforward for online retailers.

India is the second-largest internet market in the world and the fastest growing e-commerce market in Asia Pacific. With an untapped consumer base mostly made up of young, middle-class, English-speaking people desiring international consumer products, the growth potential in India is second to none.

Expanding into a new international market is a risky venture but a very rewarding one if done right. For the latest information about how you can build and maintain a strong e-commerce enterprise, subscribe to the Payza Blog and follow us on Facebook and Twitter for the latest industry news. We’ll provide tips on how to ensure your business is compatible with legislation and buying habits at home and abroad.

Payza Partners NRGT On Indian Online Payments

payza news media coverage updates

This is a snippet from an article originally published on Finextra. Read the full article here: https://www.finextra.com/pressarticle/65539/payza-partners-nrgt-on-indian-online-payments

Payza, a leading global payment platform, announced today that is has partnered with New RAMPgreen Technologies (NRGT) of India to bring convenient local online payments to Payza India users.

“We’re excited to be working with NRGT to deliver even more convenience to our Indian members,” said Firoz Patel, Payza’s global executive vice president. “The key to successfully entering a new market is to collaborate with a domestic partner that can make a convenient and affordable service more relevant to the daily lives of users in a specific region. When we first launched Payza in India, we focused on the initial stage of bringing the world of international payments to Indian freelancers.

“Our second stage of development is to bolster the local economy by giving the average Indian resident an easy way to spend the money they’ve earned. But we needed the right partner that understood the challenges, preferences and needs of the market. And we’ve found that with New RAMPgreen Technologies. Indian businesses, freelancers and personal users can now hold rupees in their Payza accounts to shop online, pay bills, and send money to family and friends in India. With NRGT we are able to offer Indians a way to get on with their daily lives without wasting added time and money on the extra hoops they have been used to jumping through to access their money in Indian online.”

“Payza has one of the largest merchant and consumer user bases in the world,” said Sunil Soi, CEO of NRGT. “And India is one of the largest, if not the largest, group of IT, marketing and support freelancers. With Payza India, Indians will be able to benefit from the global versatility, support and security of the Payza global platform, while experiencing a payment service that understands what it is to be living and working in India. NRGT is thrilled to be involved in delivering a payment solution tailored to the needs of Indians, and honored to be Payza’s ‘boots on the ground’ in India.”

Payza Boosts E-Commerce and Online Freelance Economy in India by Offering Local Payment Options to Indian Users

payza news media coverage

Partnership with New RAMPgreen Technologies of India Enhances Service to Payza India Account Holders

Payza, a leading global payment platform, announced today that is has partnered with New RAMPgreen Technologies (NRGT) of India to bring convenient local online payments to Payza India users. In addition to sending and receiving international payments in virtually any currency, Payza India members can now transact in Indian rupees, their local currency, directly with their Payza accounts.

“We’re excited to be working with NRGT to deliver even more convenience to our Indian members,” said Firoz Patel, Payza’s global executive vice president. “The key to successfully entering a new market is to collaborate with a domestic partner that can make a convenient and affordable service more relevant to the daily lives of users in a specific region. When we first launched Payza in India, we focused on the initial stage of bringing the world of international payments to Indian freelancers. Our second stage of development is to bolster the local economy by giving the average Indian resident an easy way to spend the money they’ve earned. But we needed the right partner that understood the challenges, preferences and needs of the market. And we’ve found that with New RAMPgreen Technologies. Indian businesses, freelancers and personal users can now hold rupees in their Payza accounts to shop online, pay bills, and send money to family and friends in India. With NRGT we are able to offer Indians a way to get on with their daily lives without wasting added time and money on the extra hoops they have been used to jumping through to access their money in Indian online.”

Payza, through its online secure payment platform, allows consumers to instantly send funds, receive funds, and make payments. Merchants and businesses can take advantage of features such as Mass Pay for corporate disbursements, Split Payments for e-commerce, Email Invoices and Instant Payment Notifications (IPNs).

“Payza has one of the largest merchant and consumer user bases in the world,” said Sunil Soi, CEO of NRGT. “And India is one of the largest, if not the largest, group of IT, marketing and support freelancers. With Payza India, Indians will be able to benefit from the global versatility, support and security of the Payza global platform, while experiencing a payment service that understands what it is to be living and working in India. NRGT is thrilled to be involved in delivering a payment solution tailored to the needs of Indians, and honored to be Payza’s ‘boots on the ground’ in India.”

To learn more about local payment options and to sign up for a free Payza account, visit https://secure.payza.com/signup.

About Payza

Payza is a leading online payments technology platform used by licensed entities around the world. Payza’s highly secure platform provides businesses and consumers with convenient and flexible solutions for sending and receiving payments worldwide. The company offers access to payment services in both traditional and emerging markets, as well as a host of tools and services including: fraud screening, dispute resolution, currency exchange, global payouts and disbursement services. With millions of members, Payza offers its services around the world in 21 currencies, and is proud to provide its merchants around the globe with a complete solution for accepting payments and managing their businesses. More information is available about Payza on its website, http://www.payza.com, Facebook, Twitter and the company’s blog.

About New RAMPgreen Technologies

New RAMPgreen Technologies provides technology driven, high-quality, multi-channel knowledge based services and solutions that enables increased customer satisfaction, sales growth and enhanced customer loyalty. Our deployment of world class process infrastructure, technology and resources gives us the desirable cutting edge. We focus ourselves towards employing dedicated and highly skilled staff who uphold the willingness and utmost capability of providing the most efficient customizable support services to our clients. For more information, visit http://www.newrampgreen.com.

Local Bank Transfer Withdrawals Now Available in India!

Payza is excited to announce that localized bank transfer withdrawals are now available for our members in India! This new features gives our more than 700,000 members in India a convenient way to withdraw Indian Rupees directly to their bank accounts.

Although Indian Rupees cannot be held in your Payza e-wallet, when you set up a Bank Transfer Withdrawal in India, your foreign currency funds will be converted to Rupees before they are sent to your bank account. This will save you any conversion fees your bank would normally charge.

The Bank Transfer Withdrawal fee is just 60 INR, plus a 2.5% conversion fee for any funds converted within your Payza Account.

How do Indian Bank Transfer Withdrawals work?

Before you can set up a Bank Transfer Withdrawal in India, your Payza account must be Verified, and your PAN card must be on file and approved by our team. If you previously verified your account without submitting a copy of your PAN card, you will be asked to submit it before you can use this feature.

You must also connect your bank account, and ensure that it is set up for local currency withdrawals. You can do so within your account by clicking on “Wallet” and then “Bank Accounts”. On the Add a Bank Account page, complete the form with the information of the bank account you wish to use.

Now you’re ready to withdraw!

To set up a Bank Transfer Withdrawal using an Indian bank account, simply follow these steps:

  1. Log into your Payza account
  2. Click on the “Withdraw Funds” tab
  3. Select the “Bank Transfer” option
  4. Choose the currency balance you would like to withdraw from
  5. Select your bank account
  6. Indicate the reason for your withdrawal
  7. Enter the amount to transfer as well as any additional details and click on “Next”
  8. Review details and confirm your withdrawal

This video will also help you set up a withdrawal: