The Story Behind Msewa – A One Stop Digital Payment Solution
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Since demonetization has come into effect, if there is a clear winner, it is the class of start-ups, offering online wallets and digital payments. Bangalore based Msewa, has strived to be one stop digital payment solution with its impeccable end-to-end services. Pankaj Kumar, Founder, Msewa, elaborates more on their commitment towards adding value to business.
Coming From a Non-business Family, What Invoked You to Start Something of Your Own?
While I was in Australia pursuing an MBA, may dad used to transfer funds from India which used to take at least 3 - 4 days. My friend Gaurav Gupta and I realised that money remittance is still a big headache and we started working towards building a world class platform which would facilitate instant money transfers, bill payments and an online marketplace for online shopping.
How Did the Customers Initially Respond To Msewa’s Offerings?
In India, we started off by providing a simple payment solution to Vijaya Bank. At present, two years from our first tie up with Vijaya Bank, we handle their entire Digital Wallet Payments Platform. Our major advantages and USP’s include: end to end support and endless solutions to our clients on technical upgrades, customer acquisition, merchant acquisition, reconciliation, operations, customer care and marketing of products and services. After Vijaya Bank, we started providing white label digital payment solutions to numerous clients and we received great recognition in this field. Currently, we are serving 13 similar companies throughout the globe.
How Different is Msewa From BHIM or Paytm?
Msewa provides digital payment platform to Banks, remittance companies, NBFCs and other parties that require a payment solutions. We are into B2B sales and we provide solutions based on the requirements. We have all features that are available on platforms like BHIM or Paytm. We enable payments through different modes possible. For example, our platform allows you to make payments through Wallet, Banks and UPI to merchants.
What Services Would You Like To Include Into Your Present Business Model?
We have developed and deployed numerous wallets throughout the globe. We want to bring in more of such services and build a solid ecosystem in each country Our focus would be in providing secured services to financial institutions, build the digital payments and digital wallets ecosystem around them and help them acquire merchants and build a successful business model. Our target is to acquire 50 million customers by the end of 2018 on a global level and process at least 100 million transactions through our wallets.
(This article was first published in the February issue of Entrepreneur Magazine. To subscribe, click here)