From cherishing an unpretentious ambition of earning just $1,000 a month to building a Public limited Fintech start up with an Annual Recurring Revenue (ARR) of $100 Million recorded in FY 2019, Shibabrata Bhaumik, Founder and Chief Executive Officer of PAYQ, started in 2017; having its flagship presence in United Kingdom and in different parts of European Union and has been recently nominated as the top 10 promising startup up of London by NBC and FOX in early 2020.
If Shibabrata acquires the financial license from RBI and fulfills the protocols of other Governing Body, PayQ will be likely to enter the Indian market as a NBFC and a principal payment processor and acquiring company, partnering with local Indian banks for accepting payments for Indian merchants worldwide.
So far the biggest payment processor like PayU and CC Avenue can accept only domestic payments for Indian merchants, if PayQ expands it roots in India, it will be a Game changer specially for Indian merchants who pacts with high risk businesses like gaming, digital goods and services ,PC tech support, Online Pharmacy and many more.
Last year in 2019, Shibabrata declined a potential merger of $10.8 million from one of the top 5 EU banks and established himself and the company more valuable marque and established a brand, much ahead than the competing established European fintech companies like BrainTree Payment, company operated by PayPal and Paydiant, an e-Wallet platform which offers mobile payments and was acquired by PayPal in 2015 for $280 million.
"I would like to dedicate the expansion of the current state of PayQ to my fellow teammates of PayQ and ex- PayQer's who made this possible in a short span of three years", says Shibabrata Bhaumik.
Bhaumik continues, “Honestly speaking, I was distraught of the very fact that we don't have much of global payment acceptance company in India. From childhood I was inspired by PayPal, Adyen, Visa and Mastercard and I was astonished how those guys with just a laptop and a small team could able to add so much value to the global economy; where in we in India are still stuck into the traditional domestic payment acceptance and the cross border transactions are still considered as high risk payment by the traditional banks. I wanted to establish the fact that innovations does not only happen in Silicon Valley it might happen in Delhi, Kolkata, Mumbai or Bangalore. I wanted to ascertain that my company PayQ to have a track record where after 10 years if people look back at evolution of online payments, they could able to recognize PayQ as the prominent company that changed the trajectory of Indian payments. Just the way people conceive Japan as a great electronics building nation and China as the leading electronic manufacturer, India should also evolve as advance digital India where cross border transactions are not counted as High risk by the traditional banks.”
Delhi: The recent union budget proposal to increase the deposit insurance fivefold is expected to increase the confidence of the smaller operating Banks especially the private sector banks and small financial institutions and Cooperative Banks.
Against the back drop of an unstable financial system and the recent collapse of Punjab and Maharashtra cooperative (PMC), the budget proposed to raise deposit Insurance up to ₹5 lakh per depositor from the existing depositor of ₹1 lakh
According to the CEO of Fintech Start up PayQ, Shibabrata says, there will be a greater cover and is likely to assuage depositors and restore some faith in the financial system.
And this will create new measure, which will increase the deposits insured as a percentage of total deposit, which might turn around to be 40% to 50% from the 28% markup line as of fiscal year 2019
Shibabrata also believes that with the new change, the banks will get the benefit by increasing the confidence by the depositor. So far people kept only ₹1 lakh in such bank because of the low confidence on such banks and the recent banking scam by multiple banks, however as a situation have changed now, the depositor will deposit a large sum of money and possibly attract a higher interest rate.
He continues, for instance State Bank of India and HDFC Bank pays 6.1% and 6.3% interest rate, respectively however Suryoday Small Finance Bank and AU Small Finance Bank pay 8.25% and 7.5-7.63%, respectively on deposits of the same tenure.
The general public perception towards that state-owned banks, notwithstanding their risk profile, have a sovereign guarantee on deposits.
Also, the increment of the deposit insurance cover up to ₹5 lakh will relief India and help the nation to become the highest ranking financial sector after Brazil and USA.
This will bring back trust in cooperative banks, although we expect it will be only the proposed reforms in regulation of cooperative banks that will make the circle complete," said Shibabrata Bhaumik, group Chief Executive Officer of PayQ.
An innovative start-up conceptualised by Shibabrata Bhaumik!
ShibabrataBhaumik, a well-known entrepreneur and philanthropist is far beyond an investor and founder of a start up. He is one of the most famous start-up coach and pioneer of digital payment system. Bhaumik completed his specialization in banking and finance industry that led him to work with various multi-national banks. Owing to his consistency and sustained performance, he has established a career, which is dynamic and is now excelling in technology to create solutions for a rich and engaging experience world wide for both users and merchants specially for the cross border transaction and high risk merchant acquiring.
Shibabrata’s operational and strategic leadership skills have turned his start-up from a 3 employees set up to a network of Fintech professionals in the social economic ladder building trust and excellence to enhance the digital experience about how transactions can happen in microseconds and get settled to the merchant instantly.
He has the strong analytical and presentation skills that easily influence and engage people because he believes networking to be one of the most important reasons behind success. He was recently been nominated for “Top 100 Exceptional NRI Entrepreneur” and “Dynamic CEO Business Award, London”.
While working with financial sector, he realized a gap that persisted in transaction and online payments and hence worked tirelessly to solve it. His remarkable success can be measured by the success of the first phase (Beta Version) launce of PayQ and well-intentioned realisation of more than 10,000 merchants globally.
PayQ, an incomparable start-up by Shibabrata is now a leading network with more than 100 banks and can board merchants worldwide. It has been a leading system of payment acceptance due to emerging new techniques. PayQ has made internet based payment easy by making the system so global and robust. Reaching out to merchants living miles away has never been so easy and receiving payments as early as within two days with a proper check and balance system never seemed so practical and attainable in the past, but Shibabrata has made it possible with his futuristic and committing approach. High risk payment gateways are now made easy by the fast, reliable and secure transmission of transacted data.
CEO of PayQ, Shibabrata quotes, “PayQ is not only a brand rather a it’s a helping system to facilitate other small businesses to grow by leaps and bounds and flourish the global economy and create numerous job prospects”. He has based his innovative idea on an approach to provide advantage to all businesses; no matter how extended or small they are, to accept payments globally.
Some of the salient features provided by PayQ include:
With over more than a million US Dollar monthly transactional revenue, PayQ, the new entrant as a global payment processor continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive payments globally.
Lately, this company declined a massive financial merger with the top 5 US Fintech giant, the inhouse team reports the merger was estimated at $10.8 Million. The CEO and the founder of PayQ, Shibabrata Bhaumik says “we are blazing a trail of innovation and leading the payment industry, specially in high risk business portfolio like Airlines, Pharmacy, Online IT based businesses & Hotel Booking. Our success is widespread and well known which we have achieved in a very short span of time by penetrating the major markets. At this stage, even I won’t be able to evaluate the actual worth of PayQ, it might be much more pricy than it has been evaluated as on date.
“Just look at my history – when founding PayQ, I was roundly dismissed… there’s no future in e-commerce, they would say; it’s not a profession that’s going to be conducive to an honest, worthwhile living. But looking at us now and the indicative amount of daily transactional volume, we are helping thousands of clients in expanding their businesses worldwide and make their digital payment solutions easier than ever before, and it all started from small origins,” said Shibabrata Bhaumik
He continues, PayQ did not reach a multi billion-dollar net worth by overnight; some might consider it as a over night success, however it involves lot of perseverance, team work and strong rooted dedication to develop a payment platform that can process multiple payment across the globe in a fraction of second in an absolute seamless environment. Every business has its peaks and valleys, but with more opportunities, you’ll have higher peaks and fewer valleys.
As recorded by UK Financial conduct, PayQ is processing 60 Million USD annually across the globe and is estimated to reach 100 Million USD in the next fiscal year, establishing itself as dominant financial global company which may qualify for a Nasdaq listing if the company goes public by this year end.
Witnessing the phenomenal success and exponential growing company, it might not be wrong to say the decision of declining the merger was very thoughtful and astutely certain.
Shibabrata says, its not only about making money, its more about the passion how the team is working day and night to grow PayQ. It is the energy and emotional investment that we have capitalized on PayQ to what we have developed it so far and we are still evolving and integrating it with new technologies and multiple banking partners worldwide.
My aim is to reach every part of the world and touch their local payment system along with the general payment methods like Visa , Master Card or Amex.
What we do is very unique with our state of the art technology, which is all-in-house without outsourcing anything outside PayQ edge, in addition to that our payment platform is multi lingual, multi currency, our processing engine is one of the best in payment company which is proficient to process endless payments in every fraction of second seamlessly and swifter than any traditional banks.
Our business acquiring team and underwriter can accommodate most of the businesses based on their business structure, which the traditional banks or Fintech Giants decline to onboard.
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