My Blog

While emerging with PayQ , one thing that capture most of my enthusiasm is being a venture capitalist, I see hundreds of new and small scale businesses thrive and nourish online with excellent competencies by young and dynamic entrepreneurs. I get the privilege to have an interesting conversation with founders and review their business plan, being their Payment Partner and underwrite their business and see them growing over the years.

Having specialized in the banking and finance industry, he has been leveraging on technology to create solutions for Merchant Account. He has worked with many years with European Multinational Banks and have accomplished management professional with a dynamic career reflecting high levels of sustained performance with leading Banks in UK.
Proven competencies in the areas of Finance, Management, and Business development with a firm background in delivering strategic and operational leadership in these roles, Shibabrata’s ability to drive sustainable and profitable business growth even in difficult and highly challenging circumstances is non dubious.

Recent Posts

Shibabrata to Disrupt India's Banking Equilibrium with his “Neo Bank”

Shibabrata Bhaumik, popularly known as “Fintech Chanakya” the ex banker of Lloyds and Barclays and the founder of Fintech startup PayQ recently started its banking unit as PayqNeo. 

 

Though the neo-banking ecosystem in the country is already getting crowded, Shibabrata wants to engender unified experience through fintech skill and technological innovations which includes Artificial Intelligence (AI) and a superior mobile banking experience through an app or a website.

A neo-bank is a digital banking platform, which offers all basic banking services like account opening, credit, insurance and others, but without a branch-led model.

Startups or Small Businesses with global customer outreach typically prefers to work with a Neobank as the account opening procedure is simple and less complex and you can use the banking services worldwide without any cross border hassle and dominion limitation.

PayQ, Shibabrata, bhaumik, shibabrata bhaumik, fraud, scam, entrepreneur, startups, hotelnstudio

Shibabrata’s UK start up PayQ aims to offer a wide range of services like faster account opening, mobile deposits, digital debit card, credit, digital payments and many more without the burden of a physical network.

The biggest challenge that PayQ might face is the hard-hitting directives by the Indian banking governing body RBI. Reserve Bank of India (RBI) doesn’t recognize digital banks, though they experiment with payment banks and small finance banks, these are not full-service digital banking platforms. India does not offer any neo-banking license unlike other countries like Singapore and Hong Kong. But NeoBank companies’ partner with banks, riding on their licenses, to create a digital banking experience for their consumers.

That’s why Shibabrata kept the regulations of the company PayQ under the law of the United Kingdom, where EU régime is stress-free and banking partnership is rather simpler than in India. Therefore, PayQ Neo officially being headquartered in the United Kingdom can actually work with worldwide customers and acquire new banking relationships.

Neo Banks in India are rising but will take some time to disrupt. Neo Banks is expected to raise $394 bn by 2026. In India too, Neo Banks segment is scaling up and they raised $90 mn last year. Currently, 10 Neo Banks are operating in India along with PayQ and a few more are in the pipeline to begin their operations.

PayQ, Shibabrata, bhaumik, shibabrata bhaumik, fraud, scam, entrepreneur, startups, hotelnstudio

What is PayQ doing different from its predecessors and other Neo Bank Prototypes?

 

BESIEGED CUSTOMER SEGMENT

PayQNeo is proficient in easier customer acquisition- customers include tech savvy millenarian, Pursuing the Asian SME and MSE and low ticket salaried class, which are not the focus areas of legacy banks at the moment.

TRUNCATED PRICING CUTTING

Lower costs, due to lack of physical branches and low capital investment, minimal staff and no additional operating cost.

LOWER FEES/CHARGES AND EASIER CUSTOMER ACQUISITION

As the cost of operations is trivial, the company can offer the cashbacks and offer much loftier than the traditional bank that operate within the obdurate limits. 

BORN IN THE CLOUD’ TECH PLATFORM

The chances of physical damage of the server is almost impossible as the data is backed up in cloud server and can be recalled into any system with secure nodes , with encryption technology.

SPECIALISED BUSINESS BANKING SOLUTIONS 

With a whole array of services including payments, receivables, budget and spend management. Globally, the PayQNeo also operate in, credit cards, forex cards and payments, cash flow management and business banking services, expense management and loan products.

 

Neo Banks Related FAQ Answered by Shibabrata:

 

Question 1: What does Neobank mean?

Answer 1: As said by Shibabrata Bhaumik in above article, A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks.

Answer2 : A neobank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neobanking is entirely online. Shibabrata Bhaumik stresses that, Neobanks can be called fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending, and more.

Answer 3 : When asked this, Shibabrata Bhaumik explained that neobanks use existing frameworks and physical entities established by traditional banks, like ATMs, they can reallocate their funds to build AI driven customer service frameworks, and deliver no fee bank accounts, low fee home loans and savings accounts with high interest rates.

Answer 4 : Just like other banks, neobanks employ a range of security measures to ensure that your money and details are protected. Shibabrata also mentions because these are mobile-based banks, some of that security responsibility also falls on you as a user - just like it does if you use an app with your current bank.

Answer 5 : The first big difference between neo and challenger banks is their physical presence. PayQ founder Shibabrata Bhaumik explains that Neobanks are entirely digital, cloud-based concerns that reach out to their customers from web platforms and mobile applications.

Answer 6 Online banks are safe to use as long as they're federally insured and you take some simple steps to protect your information. This is good because online banks often offer the most competitive rates. Shibabrata Bhaumik plans to create a video series on his youtube channel to explain about the safety of online banks and how to protect yourself.

 

Latest Article Covering Shibabrata

Shibabrata Bhaumik on Forbes

Shibabrata Bhaumik on Daily Hunt

Shibabrata Bhaumik on ZeeBiz

Shibabrata Bhaumik on Hindustan Times

Shibabrata Bhaumik on News Patrolling

Shibabrata Bhaumik on Ani

Shibabrata Bhaumik on Business Standard

 

“Fintech Chanakya” Shibabrata explains buyer’s shift towards “Lipstick Effect” Post COVID

Despite the alarming panic and wreckage caused by Covid-19 and the irrevocably changed world, the
financial growth has continued for an array of companies providing services in payment systems like
the London based Fintech Start up PayQ, offering peer-to-peer lending, equity crowdfunding and High
risk merchant account.
Fintech connoisseur Shibabrata Bhaumik says, “making predictions at such uncertain times of crisis is a
mug’s game. However for the coming few months, consumers may forego big-ticket retail purchases,
but may go for reasonably priced indulgences, or what is called as ‘Lipstick Effect’. It’s an economic
barometer that can indicate how consumers might behave amid a bruised economy. Consumer will
show a tendency to compensate by buying more high-end versions of lower-priced items. There may
not be enough on the card to buy the Prada dress, but consumer will still feel good about buying those
modestly priced Chanel cosmetics”
The Lipstick Effect occurs during financial slowdown or economic downturns when consumers
continue to spend their money on small indulgences during recessions. They may not have enough to
spend on big-ticket luxury items. However, most still manage to spend the money to purchase small
luxury items, such as premium lipstick. The Lipstick Effect has been invariably experienced in markets
during economic depressions, and now should be no different for the coming few months at least, he
says.
The interesting learning from the lipstick analysis is that even during a downturn, brands that families
trust are not jettisoned. In fact, they end up being treasured and looked at with more love and nostalgia.
But in troubled times, such brands need to remain visible.
The “Fintech Chanakya” Shibabrata simplifies further “As a result of the Lipstick Effect, the lady of the
house will always show loyalty to a loved brand on an occasion like a family anniversary dinner, and is
likely to pick Amul Mawa Malai or Caramel Cookie at Rs 400 a brick as opposed to the usual vanilla at Rs
250. Such small indulgences are meant to make the family happier. Thus, in times of economic distress,
good brands can actually expect to up-sell, despite the strong headwinds.”
With increase in the number of digital transaction and social distancing rules in place Fintech
Companies are gently pondering their portfolios. Shibabrata Bhaumik, the founder of PayQ and The
Fintech Guru says, “Online Payment System are seeing a multi-year acceleration to digital banking,
digital finance, and digital commerce. There are a lot of reasons why Fintechs are seeing increased
usage amid the pandemic. People can no longer transact with cash so they are turning to peer-to-peer
and digital payment platforms to send money to friends and family and with social distancing rules in
place, Fintech Companies are booming like never before”
Fintech futurology is judiciously harmless profession; investors and sages could meander along
expansive avenues of opportunity, gently pondering their portfolios, window shopping and occasionally
diving in to snap up the latest trends.
Shibabrata Bhaumik explains the simple epidemiology of payments and his expansion plans for his
award wining start up PayQ . He says “PayQ have recently extended their operations in Asian countries
in Q1 and Q2 of 2020 and have seen a usage surge. We have also stepped up our self by offering peer-to-
peer lending for existing and new merchants whether it’s small businesses that need help against

COVID-19 as a relief funds or existing Big Merchants who want access to their stimulus checks earlier.
He says “ we are committed for helping small businesses, advance their potential and get them geared
up and reestablish them back to the market.”

PayQ Founder Shibabrata Bhaumik listed on Forbes

The coronavirus pandemic might help to achieve India’s stated goals of creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighborhood stores now want contactless digital payments and that demand dovetails with what lenders want in lieu of working capital loans - digital invoices and online transaction records.

shibabrata bhaumik

The multi currency, multinational payment processor PayQ, which is now active in India in a sandbox environment along with other leading UPI player have started to tap into the new customer trend who relies deeply on smartphone access for online payments. Financial companies are leveraging this opportunity to meet demand through digital media.

PayQ Founder Shibabrata Bhaumik is fond of Indian Financial regulators like RBI and SEBI who encourage the innovation in the Fintech space by allowing start-ups to experiment in ‘sandboxes’ that will offer them temporary regulatory protection especially during the pandemic stage.

As regulators like RBI and SEBI develop the framework for these sandboxes, UK-based fintech start-up PayQ now wants to be allowed into these sandboxes to get more comfortable with financial transactions for domestic as well as cross border transactions. Shibabrata’s Fintech start up PayQ, headquartered at London, which is growing at breakneck speed, is known for implementing block chain for Frictionless Payments and has surged $1.2 billion in the last financial year.

Shibabrata says, “As regulators and state governments here in India have set up sandboxes for Fintech companies and they are providing relaxation, we are working with them to open the sandboxes and operate within the guidelines.”

Sandboxes are regulatory safe havens created for Fintech start-ups to operate in. They allow live testing of new products or services on real customers in a controlled environment. If these experiments are successful and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to operate in the open market under full regulatory supervision and will compete with the major UPI payment players like PhonePe and PayTm.

PayQ’s digital payment platform also includes digital billing to even geotagging, Shibabrata believes that merchant digitization business will boom when the lockdown eases. PayQ also deals with merchant account for high risk businesses like payment gateway for tech support, Merchant account for Pharmacy and aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

Shibabrata announced small ticket credit to PayQ Merchants like Kirana Shops and small businesses. PayQ is the latest entrant to the club of Paytm, PhonePe and BharatPe, with the company announcing its ambitions to lend in a filing with local regulators. PayQ is unlikely to play for runners’ and players like Paytm and Phonepe will have to aggressively defend their crowns.

The CEO of PayQ, Shibabrata Bhaumik is a young first-generation entrepreneur, who has developed application programme interfaces (APIs) for India’s ambitious Unified Payments Interface (UPI). He says, “Working with the government is not so difficult. It has been an enriching experience. Your credibility depends on your delivery of performance. The payments landscape is going to change fundamentally”.

The game of entrepreneurship has changed substantially during COVID19 and players have to change. Founders have to be immersed in two things: the messiness of the problem and that of the new infrastructure.

While Paytm, Google Pay, Naspers-owned PayU and other players were aggressively trying to rope in small businesses on their platform, as B2B does not bleed the business, the big scramble is for over 60 million small businesses. PayQ and Shibabrata is trying to get them hooked to the PayQ payment gateway and then offering them a host of services, including loans, and easy payment acceptance and settlement to small businesses incuding Kirana shops and that would lead to an intense battle, where incumbents could face the heat.

Moreover, the PayQ’s entry to India comes at a very opportune time. During the lockdown, several questions have been raised about the readiness of the Indian grassroots system to allow its small businesses to participate in an end-to-end digital ecosystem that powers content, transactions and finally, payments and fulfillment. With this one move, PayQ have clearly sent out signals to take on the giants in the payments, content and ecommerce spaces, simultaneously.

PayQ’s entry portends well for India, as it is likely to bring more serious and diversified investors in the country, reducing its reliance on Chinese money. However the Indian consumer will be the final and the ultimate deal-seeker yet demands the best user experience at the lowest cost. Though PayQ has grown exponentially on adoption of new territory starting from United Kingdom to diversifying its merchant acquisition to European Union and then stepping to Asian Countries but its business models is still evolving. With economic growth slowing down and consumer demand in India tempered, Shibabrata Bhaumik’s PayQ is at an interesting crossroads.

Given all this snitching, the final test will be “how does PayQ appeal to the end user?”

 

In style and philosophy, Shibabrata Bhaumik, the 36-year-old founder and CEO of PayQ, is in the camp of the financial anarchists. He sits, jammed alongside Developers, Payment Technology Experts and Data Scientists, in a row of tiny desks resembling library carrels and he prefers to sit and work with the team around their desk not like a typical CEO with fancy cabin. He wears a black Business Tuxedo, Classic Red and Black Check Tie, black pants and gloss polished black formal shoes. He talks about a brave new world in which we are liberated from the shackles of giant banks and government-controlled money supplies. The CEO of PayQ, Shibabrata Bhaumik is a young first generation entrepreneur, who has developed application programme interfaces (APIs) for India’s ambitious Unified Payments Interface (UPI), it has been an enriching experience. “Working with the government is not so difficult,” he says. “Your credibility depends on your delivery of performance. The payments landscape is going to change fundamentally".

 

The multi currency, multi national payment processor PayQ, which is now active in India in a sandbox environment along with other leading UPI player have started to tap into the new customer trend who relies deeply on smartphone access for online payments. Financial companies are leveraging this opportunity to meet demand through digital media.

 

During an expansive interview, this usually reserved and the press-shy entrepreneur declares why he got into this business: “I wanted the world to have a global, open financial system that drove innovation and freedom.” In the following business model, though, Shibabrata fits in with the pinstriped financiers working down the block.

 

Born at Kolkata, India to an engineer Father, Shibabrata displayed an entrepreneurial streak as early as grade school. He recalls being hauled into the principal’s office on charges of operating a candy-reselling venture on the playground. The business flings continued with a scheme to resell used computers and, after he earned a master’s degree in 2006 in International Business, he started a web development business from India for overseas clients. Later, he also tried to do few export-import and bilateral trade exhibition business but didn’t turn out that great and lost a fortune and met racket of scammers from Agra, India in 2011 who defamed Shibabrata and his family and charged false allegations on him. However, the young entrepreneur didn’t loose his hope and his sprit was always positive against all odds.

 

In 2012, Shibabrata read the manifesto by a European Union Bank that proposed card payments of Visa, Mastercard & the future Fintech companies will have limitless possibilities and bitcoin as an underground currency. Its transactions are recorded on a ledger called the blockchain, maintained in duplicated computer files by a band of self-appointed guardians called nodes. Disputes about transactions and ground rules are resolved by majority vote. The nodes are kept honest, and troublemakers at bay, by requiring a participant in the network to engage in some arithmetic busywork before certifying a batch of transactions. A node that completes the arithmetic task is awarded a few new coins.

 

The busywork, called mining, did not interest Shibabrata. But he did see an opportunity in the business of safeguarding the keys to the coins and setting up transactions. Working weekends and late nights, Shibabrata and his Developing Team created a Payment gateway to process high volume transactions and connected the nodes with the acquiring bank and launched the first payment portal in 2014 later sold it an EU Bank.

 

Few Venture capitalists from Russia and Germany, showered 5 million USD on Shibabrta’s innovative approach in 2017 and motivated him to create PayQ, a unique high-risk merchant account company whish uses cryptocurrencies and blockchains to build transaction networks for corporations.

 

Crypto has been condemned as rat poison by Warren Buffett, as a fraud by Jamie Dimon and the mother of all scams by doomsday economist Nouriel Roubini. Where’s the payoff to the economy?

 

It’s coming, Bhaumik says. He posits a future in which thousands of startups use crypto to raise capital in a global marketplace no longer controlled by Wall Street firms. Within a decade, he predicts, the number of people participating in the blockchain economy will explode from 50 million to 1 billion. We are destined to enjoy a financial system that is “more global, more fair, more free and more efficient”.

 

New Source:

 

Forbes : https://www.forbesindia.com/article/brand-connect/uk-fintech-payq-uses-sandboxes-for-digital-loans-to-kiranas/59531/1

 

HT : https://www.hindustantimes.com/brand-post/fintech-start-up-payq-led-by-chanakya-shibabrata-bhaumik-enters-india/story-jOvpV4wK6ZrT31akYqgz1J.html

 

accesswire : https://www.accesswire.com/579445/Londons-Fintech-Darling-Catches-up-to-Silicon-Valleys-Top-5-Payment-Processor-in-Market-Value

 

ANI : https://www.aninews.in/news/business/payq-powers-smes-to-kiranas-enables-digital-billing-to-geo-tagging20200520184607/

 

Yahoo Finance : https://finance.yahoo.com/news/london-fintech-darling-catches-silicon-214500969.html

TED : https://ed.ted.com/on/TQllCzlx#digdeeper

 

LOKMAT : https://english.lokmat.com/business/payq-powers-smes-to-kiranas-enables-digital-billing-to-geo-tagging/

 

Yahoo News : https://in.news.yahoo.com/payq-powers-smes-kiranas-enables-digital-billing-geo-131604083.html

UK Fintech PayQ uses sandboxes for Digital loans to Kiranas

Shibabrata Bhaumik

The coronavirus pandemic might help to achieve India’s stated goals of creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighborhood stores now want contactless digital payments and that demand dovetails with what lenders want in lieu of working capital loans - digital invoices and online transaction records.

The multi currency, multinational payment processor PayQ, which is now active in India in a sandbox environment along with other leading UPI player have started to tap into the new customer trend who relies deeply on smartphone access for online payments. Financial companies are leveraging this opportunity to meet demand through digital media.

PayQ Founder Shibabrata Bhaumik is fond of Indian Financial regulators like RBI and SEBI who encourage the innovation in the Fintech space by allowing start-ups to experiment in ‘sandboxes’ that will offer them temporary regulatory protection especially during the pandemic stage.

As regulators like RBI and SEBI develop the framework for these sandboxes, UK-based fintech start-up PayQ now wants to be allowed into these sandboxes to get more comfortable with financial transactions for domestic as well as cross border transactions. Shibabrata’s Fintech start up PayQ, headquartered at London, which is growing at breakneck speed, is known for implementing block chain for Frictionless Payments and has surged $1.2 billion in the last financial year.

Shibabrata says, “As regulators and state governments here in India have set up sandboxes for Fintech companies and they are providing relaxation, we are working with them to open the sandboxes and operate within the guidelines.”

Sandboxes are regulatory safe havens created for Fintech start-ups to operate in. They allow live testing of new products or services on real customers in a controlled environment. If these experiments are successful and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to operate in the open market under full regulatory supervision and will compete with the major UPI payment players like PhonePe and PayTm.

PayQ’s digital payment platform also includes digital billing to even geotagging, Shibabrata believes that merchant digitization business will boom when the lockdown eases. PayQ also deals with merchant account for high risk businesses like payment gateway for tech support, Merchant account for Pharmacy and aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

Shibabrata announced small ticket credit to PayQ Merchants like Kirana Shops and small businesses. PayQ is the latest entrant to the club of Paytm, PhonePe and BharatPe, with the company announcing its ambitions to lend in a filing with local regulators. PayQ is unlikely to play for runners’ and players like Paytm and Phonepe will have to aggressively defend their crowns.

The CEO of PayQ, Shibabrata Bhaumik is a young first-generation entrepreneur, who has developed application programme interfaces (APIs) for India’s ambitious Unified Payments Interface (UPI). He says, “Working with the government is not so difficult. It has been an enriching experience. Your credibility depends on your delivery of performance. The payments landscape is going to change fundamentally”.

The game of entrepreneurship has changed substantially during COVID19 and players have to change. Founders have to be immersed in two things: the messiness of the problem and that of the new infrastructure.

While Paytm, Google Pay, Naspers-owned PayU and other players were aggressively trying to rope in small businesses on their platform, as B2B does not bleed the business, the big scramble is for over 60 million small businesses. PayQ and Shibabrata is trying to get them hooked to the PayQ payment gateway and then offering them a host of services, including loans, and easy payment acceptance and settlement to small businesses incuding Kirana shops and that would lead to an intense battle, where incumbents could face the heat.

Moreover, the PayQ’s entry to India comes at a very opportune time. During the lockdown, several questions have been raised about the readiness of the Indian grassroots system to allow its small businesses to participate in an end-to-end digital ecosystem that powers content, transactions and finally, payments and fulfillment. With this one move, PayQ have clearly sent out signals to take on the giants in the payments, content and ecommerce spaces, simultaneously.

PayQ’s entry portends well for India, as it is likely to bring more serious and diversified investors in the country, reducing its reliance on Chinese money. However the Indian consumer will be the final and the ultimate deal-seeker yet demands the best user experience at the lowest cost. Though PayQ has grown exponentially on adoption of new territory starting from United Kingdom to diversifying its merchant acquisition to European Union and then stepping to Asian Countries but its business models is still evolving. With economic growth slowing down and consumer demand in India tempered, Shibabrata Bhaumik’s PayQ is at an interesting crossroads.

Given all this snitching, the final test will be “how does PayQ appeal to the end user?”

Source:- Forbes- UK Fintech PayQ uses sandboxes for Digital loans to Kiranas

THE FINTECH CHANAKYA SHIBABRATA BHAUMIK ENTERS INDIA AT THE MOST OPPORTUNE TIME

Fintech lending began to emerge in India around 2014 and soon mushroomed into a rapidly expanding ecosystem. But what is missed is the extent to which the rise of fintech has catalysed broader changes in the economy. Fintech will help unlock Bharat and India will emerge as cashless economy and enhancing financial inclusion.

The game of entrepreneurship has changed substantially during COVID19 and players have to change their game plan post COVID19.

Today we feature, the success story of London based Fintech Start PayQ which has grown exponentially on adoption of new territory starting from United Kingdom to diversifying its merchant acquisition to European Union and then stepping to Indian Market and its founder Shibabrata Bhaumik who is at the interesting crossroad with economic growth slowing down and consumer demand in India got tempered.

PayQ’s entry to India comes at a very opportune time. During the lockdown, several questions have been raised about the readiness of the Indian grassroots system to allow its small businesses to participate in an end-to-end digital ecosystem that powers content, transactions and finally, payments and fulfillment. With this one move, PayQ have clearly sent out signals to take on the giants in the payments, content and ecommerce spaces, simultaneously.

PayQ’s digital payment platform also includes digital billing to even geotagging, Shibabrata believes that merchant digitization business will boom when the lockdown eases. PayQ also deals with merchant account for high risk businesses like payment gateway for tech support, Merchant account for Pharmacy and aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

While Paytm, Google Pay, Naspers-owned PayU and other players were aggressively trying to rope in small businesses on their platform, as B2B doesn't bleed the business, the big scramble is for over 60 million small businesses. PayQ and Shibabrata is trying to get them hooked to the PayQ payment gateway and then offering them a host of services, including loans, and easy payment acceptance and settlement to small businesses incuding Kirana shops and that would lead to an intense battle, where incumbents could face the heat.

In style and philosophy, Shibabrata Bhaumik, the 36-year-old founder and CEO of PayQ, is in the camp of the financial anarchists. He sits, jammed alongside Developers, Payment Technology Experts and Data Scientists, in a row of tiny desks resembling library carrels and he prefers to sit and work with the team around their desk not like a typical CEO with fancy cabin. He wears a black Business Tuxedo, Classic Red and Black Check Tie, black pants and gloss polished black formal shoes. He talks about a brave new world in which we are liberated from the shackles of giant banks and government-controlled money supplies. The CEO of PayQ, Shibabrata Bhaumik is a young first generation entrepreneur, who has developed application programme interfaces (APIs) for India’s ambitious Unified Payments Interface (UPI), it has been an enriching experience. “Working with the government is not so difficult,” he says. “Your credibility depends on your delivery of performance. The payments landscape is going to change fundamentally".

During an expansive interview, this usually reserved and the press-shy entrepreneur declares why he got into this business: “I wanted the world to have a global, open financial system that drove innovation and freedom.” In the following business model, though, Shibabrata fits in with the pinstriped financiers working down the block.

Born at Kolkata, India to an engineer Father, Shibabrata displayed an entrepreneurial streak as early as grade school. He recalls being hauled into the principal’s office on charges of operating a candy-reselling venture on the playground. The business flings continued with a scheme to resell used computers and, after he earned a master’s degree in 2006 in International Business.

In 2012, Shibabrata read the manifesto by a European Union Bank that proposed card payments of Visa, Mastercard & the future Fintech companies will have limitless possibilities and bitcoin as an underground currency. Its transactions are recorded on a ledger called the blockchain, maintained in duplicated computer files by a band of self-appointed guardians called nodes. The nodes are kept honest, and troublemakers at bay, by requiring a participant in the network to engage in some arithmetic busywork before certifying a batch of transactions.

The busywork, called mining, did not interest Shibabrata. But he did see an opportunity in the business of safeguarding the keys to the coins and setting up transactions. Working weekends and late nights, Shibabrata and his Developing Team created a Payment gateway to process high volume transactions and connected the nodes with the acquiring bank and launched the first payment portal in 2014 later sold it an EU Bank.

Few Venture capitalists from Russia and Germany, showered 5 million USD on Shibabrta’s innovative approach in 2017 and motivated him to create PayQ, a unique high-risk merchant account company whish uses cryptocurrencies and blockchains to build transaction networks for corporations.

Crypto has been condemned as rat poison by Warren Buffett, as a fraud by Jamie Dimon and the mother of all scams by doomsday economist Nouriel Roubini. Where’s the payoff to the economy?

It’s coming, Bhaumik says. He posits a future in which thousands of startups use crypto to raise capital in a global marketplace no longer controlled by Wall Street firms. Within a decade, he predicts, the number of people participating in the blockchain economy will explode from 50 million to 1 billion. We are destined to enjoy a financial system that is “more global, more fair, more free and more efficient”

 

News Source :

FORBES-UK Fintech PayQ uses sandboxes for Digital loans to Kiranas

HINDUSTAN TIMES-Fintech start-up PayQ, led by Chanakya Shibabrata Bhaumik, enters India

LOKMAT NEWS-PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

YAHOO NEWS- PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

ANI NEWS-PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

UK Fintech PayQ use sandboxes to enable Contactless payments and Digital loans to Kiranas

 

While Paytm, Google Pay, Naspers-owned PayU and other players were aggressively trying to rope in small businesses on their platform, as B2B doesn't bleed the business, the big scramble is for over 60 million small businesses. The UK based Fintech start up PayQ and its CEO Shibabrata Bhaumik is trying to get them hooked to the PayQ payment gateway and then offering them a host of services, including loans, and easy payment acceptance and settlement to small businesses including Kirana shops and that would lead to an intense battle, where incumbents could face the heat.

The coronavirus pandemic might help to achieve India’s stated goals of creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighborhood stores now want contactless digital payments and that demand dovetails with what lenders want in lieu of working capital loans - digital invoices and online transaction records.

The multi-currency, multinational payment processor PayQ, which is now active in India in a sandbox environment along with other leading UPI player have started to tap into the new customer trend who relies deeply on smartphone access for online payments. Financial companies are leveraging this opportunity to meet demand through digital media.

PayQ founder Shibabrata Bhaumik is fond of Indian Financial regulators like RBI and SEBI who encourage the innovation in the Fintech space by allowing start-ups to experiment in ‘sandboxes’ that will offer them temporary regulatory protection especially during the pandemic stage.

As regulators like RBI and SEBI develop the framework for these sandboxes, UK-based fintech start-up PayQ now wants to be allowed into these sandboxes to get more comfortable with financial transactions for domestic as well as cross border transactions.

Shibabrata’s Fintech start up PayQ, headquartered at London, which is growing at breakneck speed, is known for implementing block chain for Frictionless Payments and has surged $1.2 billion in the last financial year.

In conversation with Digpu, Shibabrata said, “As regulators and state governments here in India has set up sandboxes for Fintech companies and they are providing relaxation, we are working with them to open the sandboxes and operate within the guidelines”

Sandboxes are regulatory safe havens created for Fintech start-ups to operate in. They allow live testing of new products or services on real customers in a controlled environment. If these experiments are successful and PayQ grows to a pre-determined scale, PayQ will soon exit the sandbox to operate in the open market under full regulatory supervision and will compete with the major UPI payment players like PhonePe and PayTm.

PayQ’s digital payment platform also includes digital billing to even geotagging, Shibabrata believes that merchant digitization business will boom when the lockdown eases. PayQ also deals with merchant account for high risk businesses like payment gateway for tech support, Merchant account for Pharmacy and aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

Shibabrata announced small ticket credit to PayQ Merchants like Kirana Shops and small businesses. PayQ is the latest entrant to the club of Paytm, PhonePe and BharatPe, with the company announcing its ambitions to lend in a filing with local regulators. PayQ is unlikely to play for runners’ and players like Paytm and Phonepe will have to aggressively defend their crowns

PayQ’s entry to India comes at a very opportune time. During the lockdown, several questions have been raised about the readiness of the Indian grassroots system to allow its small businesses to participate in an end-to-end digital ecosystem that powers content, transactions and finally, payments and fulfillment. With this one move, PayQ have clearly sent out signals to take on the giants in the payments, content and ecommerce spaces, simultaneously.

PayQ’s entry portends well for India, as it is likely to bring more serious and diversified investors in the country, reducing its reliance on Chinese money. However the Indian consumer will be the final and the ultimate deal-seeker yet demands the best user experience at the lowest cost. Though PayQ has grown exponentially on adoption of new territory starting from United Kingdom to diversifying its merchant acquisition to European Union and then stepping to Asian Countries but its business models is still evolving. With economic growth slowing down and consumer demand in India tempered, Shibabrata Bhaumik’s PayQ is at an interesting crossroads.

Shibabrata, also popularly known as ‘Fintech Chanakya’ posits a future in which thousands of startups use crypto to raise capital in a global marketplace no longer controlled by Wall Street firms. Within a decade, he predicts, the number of people participating in the blockchain economy will explode from 50 million to 1 billion. We are destined to enjoy a financial system that is “more global, more fair, more free and more efficient”.

Given all this snitching, the final test will be “how does PayQ appeal to the end user in India?”

News Source :

FORBES-UK Fintech PayQ uses sandboxes for Digital loans to Kiranas

HINDUSTAN TIMES-Fintech start-up PayQ, led by Chanakya Shibabrata Bhaumik, enters India

LOKMAT NEWS-PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

YAHOO NEWS- PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

ANI NEWS-PayQ Power SMEs to Kirana, enables digital billing to Geo tagging

LONDONS FINTECH DARLING PAYQ FOUNDED BY SHIBABRATA BHAUMIK CATCHES UP SILICON VALLEYS ATTENTION AT TEDX KANGAR

The total market capitalization for PayQ, a company known for implementing block chain for Frictionless Payments, based at London has surged almost 50% this year to around $1.2 billion. That's about that same valuation for the Silicon Valley-based giant Maverick, another darling of the Fintech world.

The CEO and Founder of PayQ, Shibabrata Bhaumik announced in a recent TEDx to expand its horizon of cashless payments for global merchants who are dealing with high-risk industries and assured that PayQ aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

He added, "Innovativeness is crucial and it is the cornerstone of PayQ business." At the early start of 2020, PayQ has scooped up customers like Big Airline companies from Russia, the early proving ground for PayPal and Stripe.

The jockeying between PayQ and Mavrick in market valuations is a bright spot for European entrepreneurship. Investors are also betting heavily on these Fintech companies as they grow in leap and bounds due to exponential digital payments.


Today digital transactions and end to end encryption is huge thing for both companies and it's the essential thing when it comes to online payments, which is security! And that's where PayQ impresses its users with a brilliant multi layered security system that is advanced enough to ensure that customer's vital data stays safe and highly secure and encrypted by Tokenization.

Right now, PayQ operates in 196 countries with promising e-commerce opportunities globally and with persistence and resilience; PayQ overcame the challenges and now it is providing integrated local payments along with credit and debit card payments.

Based on the interview, the tech innovator Shibabrata Bhaumik is no stranger to challenges or roadblocks, but has always found a way to rise to the occasion and reach success. The key to success in the online payments business is mastering interrelated issues such as cyber security, the banking industry, and the interface between public policy and global trade.

Bhamik seems adept in all.

Strategy: Shift to Alternative Payment Methods
PayQ aims to enter the Asian market early this year, starting from Malaysia, followed by Singapore, Thailand and India. This will ripe for a shift to clean and fast electronic transactions and extended to embrace the technical requirements of multicurrency payment systems and diversify the need and requirement of every merchant as well as considering the affordability of the merchant from the new ecosystem.

"It might appear that with new connectivity of Asian Market and integration of third-party features along with onboarding more Asian banking partners might climb the price however it will be the other way round," he says.

"We'll continue to go the other way. We already offer rates starting as less 1.5% with guaranteed freedom of mobility and no hefty commission or penalty of discontinuing from PayQ if the merchant is not satisfied with our services. This will create a constructive and tangible impact on the payment eco system where the current providers are charging anywhere in between 2.5% to 3.5% and a huge set up cost from every merchant. Our innovative digital payment services will revolutionize access to digital commerce, will boost up new merchant to sell their services or goods globally, will improve cashless payments and reduce reliance on paper currency."

About Shibabrata:

Shibabrata Bhaumik is a philanthropist, an angel investor and an entrepreneur whose brainchild is PayQ. Being a pioneer in the world of digital payment, he is also renowned as a startup coach. PayQ aims to connect entrepreneurs with their clients no matter where they are, and make payments instantly without many hassles. The instant sign up, dynamic descriptor along with their simple & transparent pricing system makes them the perfect option for entrepreneurs worldwide.

Contact Details:
Name: Liliana Summers
Email: press@payq.eu
Website: www.payq.eu
Contact No: +441213680164

SOURCE: PayQ

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TEDx

PAYQ FOUNDER SHIBABRATA BHAUMIK IMPLEMENTS BLOCKCHAIN FOR FRICTIONLESS PAYMENTS

Kangar,Malaysia: PayQ Asia, as Asian based division of PayQ offering online payment acceptance especially for cross border transactions and simplifying the global payment processing system and making it seamless and frictionless.

At TEDx Kangar, the CEO of the company Shibabrata announced their plan to implement block chain technology into PayQ payment platform to eliminate any hassles in payment acquiring for the next generation of online merchants.

He says, “we progressed the PayQ payment system to create a smoother, faster payment processing solution for global merchants and we are eliminating the wait time for settlements for merchants dealing in high risk industry.”  In TEDx forum, when questioned to unveil the pricing model and technology aspects; Shibabrata briskly assured everyone that their payment solution will go beyond the traditional payment method and will revolutionize the e-commerce industry.

He emphasizes the inevitable shift of online shopping and online sales over the tradition window-shopping and he precisely underlined the significance to retain the trust of online buyers and offer them the convenience and gratification of online shopping without any worry.

 

He added, “Innovation is crucial and it is the cornerstone of PayQ business. Right now, PayQ operates in 196 countries with promising e-commerce opportunities globally and with persistence and resilience; PayQ overcame the challenges and now it is providing integrated local payments along with credit and debit card payments.

Based on the interview, the tech innovator Shibabrata Bhaumik is no stranger to challenges or roadblocks, but has always found a way to rise to the occasion and reach success.

 

The key to success in the online payments business is mastering interrelated issues such as cybersecurity, the banking industry, and the interface between public policy and global trade. Bhamik seems adept in all.

Strategy: Shift to Alternative Payment Methods

 

PayQ aims to enter the Asian market early this year, starting from Malaysia, followed by Singapore, Thailand and India. This will ripe for a shift to clean and fast electronic transactions and extended to embrace the technical requirements of multicurrency payment systems and diversify the need and requirement of every merchant as well as considering the affordability of the merchant from the new ecosystem.

“It might appear that with new connectivity of Asian Market and integration of third-party features along with onboarding more Asian banking partners might climb the price however it will be the other way round, he says.

“We’ll continue to go the other way. We already offer rates starting as less 1.5% with guaranteed freedom of mobility and no hefty commission or penalty of discontinuing from PayQ if the merchant is not satisfied with our services. This will create a constructive and tangible impact on the payment eco system where the current providers are charging anywhere in between 2.5% to 3.5% and a huge set up cost from every merchant. Our innovative digital payment services will revolutionize access to digital commerce, will boost up new merchant to sell their services or goods globally, will improve cashless payments and reduce reliance on paper currency.

Contact :

Name : Liliana Summers

Email : press@payq.eu

Web:    www.payq.eu

Contact No: +441213680164

 

UK Start up PayQ is ready to enter Indian Market as Non banking financial institution

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.”

THE UNION BUDGET BENEFITS SMALLER PRIVATE BANKS WITH INCREASE IN INSURANCE PREMIUM

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.

Why PayQ is different?

How PayQ attracts young dynamic minds?
“PayQ” defines work culture as more of fun oriented than 8 hours of tiring works. He believes in offering competitive salaries and unique benefits in order to retain unique staff members. His bottom line is that you don’t just invest in your business, you also invest in those who run it.
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