PaySprint is a Fintech venture focused on Next Gen Neo Banking Solutions, offering a Unified Open API platform. PaySprint works closely with various banks to bring digital banking solutions to the end consumer. The banks will continue to be custodians for the customer and the various banking products and services, while PaySprint will create greater consumer adoption. Interface and joy. Mr. S Anand, CEO and Co-Founder of PaySprint, sharing more insight on the same.
- Tell us about PaySprint, its business model and operations.
PaySprint is a Fintech company working to create a unified open API platform and a one-stop Nex-Gen Financial API Stack. PaySprint works closely with a number of banks to offer customers digital banking solutions. Banks will still be responsible for keeping track of their customers and all the other banking products and services, but PaySprint will increase consumer adoption and satisfaction. We offer a range of products as an API to B2B partners through partnerships with a range of banking and travel partners.
- What are the unique key points (USP) of your company?
We offer a platform with an open, unified API. We work closely with several banks to offer consumers digital banking options. Through alliances with several banking and travel partners, we deliver a wide range of products via an API to B2B partners.
- How are you different from the existing competitors?
- Comprehensive analytics dashboard:
We offer a comprehensive analytical admin dashboard that helps partners track their business and monitor their operational activity.
- Easy integration and integration:
In order to deliver seamless and easy-to-integrate APIs, we collaborate with a number of banks and fintech companies. As a result, partners can be onboarded to the platform with full partner KYC and corporate identification system verification. We support launching the integration, onboarding as we go, and going live as quickly as possible.
- A range of services on one dashboard:
One platform houses all digital banking products, which makes it easier for our partners to run their business successfully and efficiently.
- Choose your preferred banking service:
Customers cannot choose their preferred bank because other market competitors offer fewer banking options. However, we offer a number of banking options to our partners. The option to select a preferred bank is available to our API partners.
- Works as an aggregator for all services:
We can collect all our services from a large selection of operators. If an operator error causes a procedure to fail, the customer has the option of using another operator.
- What are the products you offer via PaySprint.
Nex-Gen Banking
Enables a fully digital banking ecosystem, with instant account opening, and provides a paperless experience with cash deposits and withdrawals.
Next generation payments
PaySprint’s Nex-Gen Payments is a One-Stop solution that allows your customer to pay bills on your app or website. Helps save time, effort and money. In addition to enabling online payments, it also ensures safe and secure transactions with real-time payment updates.
Nex-Gen solutions
PaySprint’s Nex-Gen solutions are designed to address unique problem formulations faced by MSMEs Across Pan India. We aim to simplify the payment experience of business partners with crafted
SprintVerify
SprintVerify simplifies the user registration process for businesses by providing real-time ID verification APIs, Digital KYC, Document OCR, and a host of other APs that can reduce turnaround time and customer churn, resulting in low onboarding costs and increased sales productivity.
Travel
PaySprint offers a list of travel APIs under one roof that enables businesses to create a complete travel solution using our BUS, FLIGHT & HOTELbook APIs. We help businesses across India to offer easy, fast and convenient travel experience to their customers.
Investment
PaySprint offers investment APIs that enable MSMES to offer investment features in their services and connect customers to high-quality investment products that enable them to grow and manage their money.
Insurance
PaySprint’s insurance APIs are built keeping the end consumers in mind and help your customers find the best policy for both general and life insurance according to their own requirements and budget.
Lending
PaySprint’s lending APIs support companies in building lending solutions, aiming to connect individuals in need of credit with individuals and institutions willing to lend access funds. We use technology to speed up the process and cut costs.
Health Service
PaySprint offers industry-leading healthcare APIs that help you build a platform with all your healthcare requirements – from finding healthcare providers to booking appointments, online doctor consultation, ordering medications, etc.. that can connect millions of patients with hundreds of thousands of healthcare professionals . and help people make better health decisions.
- What challenges do you face when running your business?
There are a lot of changes going on at the moment with regard to bank business policies, especially related compliance due to an increase in cyber fraud, which is fine, but in doing so an honest merchant should not feel scrutinized or inconvenienced. Hence we are working on solutions to overcome this where user experience is smooth and friendly while keeping compliance in check also because maximum number of users are from rural India and they still need guidance and education to adapt to new technology along with compliance.
- What are the traction details (business performance)?
We are able to onboard more than 500+ B2B API partners in the last year, we also provide a great customer experience with a 99% success rate across all banking products and services. We have been able to reach this benchmark due to our partnership with the best banks. PaySprint is now an established API service provider company in India offering various B2B API products and services through a single unified platform.
PaySprint went live with a Unified Open API platform on March 21, currently we are processing 60 lakh+ transactions a month and a business of 9000 CRS GMV in the last 1 year and growing at 30% month on month.
We have successfully engaged 700+ B2B API partners and 500+ live transaction partners every month, which include banks, SMEs, MSMEs and sole proprietors.
We recently raised a pre-financing from Fino Payments Bank. We also won the Fintech India Innovation Awards 2022 for the “Best Fintech Startup” category.
- How do you see expansion?
We look forward to strengthening the technology and product teams. We will also spend money on digital marketing to a large extent.
- What are your future plans and expansion plans?
Despite the possibility that our solutions will indeed provide businesses with a much better user experience, we are aware of the gap that needs to be filled in our market for ease of doing business. With this in mind, we hope to rank in the top three businesses within the next 12 months. A unicorn is what we want to be. In a few years we want to transform how Bharat does business and grow the ten trillion dollar Indian economy.
