PayGlocal eyeing overseas expansion, collaboration with global banking partners: Co-founder

New Delhi: Global payments start-up PayGlocal, which offers local multi-currency payment acceptance in over 30 currencies, is looking to expand its footprint by establishing international offices and collaborating with global banking partners and merchants, says co-founder Yogesh Lokhande.

“PayGlocal is dedicated to establishing a robust platform, recognising the role of secure, transparent, and dependable payments in facilitating global commerce,” Lokhande, who is also the company’s chief technology officer, told PTI.

PayGlocal's single unified platform enables businesses to accept payments from all around the world, satisfying all their global payment acceptance needs, according to its website.

The fintech firm, which started two and a half years ago, now caters to 200 merchants, serving some of the country's largest online travel agencies and airlines.

"The current growth rate we're witnessing underscores the substantial investments we've made in our business, and we are confident that this is just the beginning," said Lokhande. He noted that India's digital payments market is on the cusp of remarkable expansion and transformation.

Cloud technology has "drastically accelerated" the service delivery timelines, and using Amazon Web Services (AWS) has enabled PayGlocal to optimise processes, increase speed to market, and ensure a secure platform for cross-border payment solutions, Lokhande pointed out.

Excerpts from the interview:

Q: Could you outline the key milestones for PayGlocal so far?

A: Since its inception just two and a half years ago, PayGlocal has been a relentless force of transformation in the realm of cutting-edge payment solutions, with a special dedication to empowering Indian merchants to seamlessly embrace international transactions.

Our unwavering commitment to excellence is manifested in our formidable payment stack, boasting robust fraud screening services, industry-leading approval rates for card transactions, a versatile capability to embrace diverse alternative payment methods from across the globe, and native support for multi-currency payments in over 30 currencies.

The remarkable growth milestones achieved by PayGlocal serve as a testament to our resounding success across multiple sectors, leaving an indelible impact on the realms of travel, insurance, and the expansive e-commerce industry within India.

Q: How are digital payments and cross-border transactions growing, and how big is the market opportunity?

A: India's digital payments market is on the cusp of a major transformation, with predictions pointing to remarkable growth. The market is expected to leap from its current value of USD 3 trillion to an impressive USD 10 trillion by 2026. Digital payments are set to become the dominant method of payment, making up nearly 65 per cent of all transactions.

India also stands out as a significant player in cross-border payments, managing a massive USD 1 trillion in trade with other countries, with small and medium-sized businesses accounting for about 45 per cent of this activity.

In addition, India receives substantial sums of money from people living abroad, roughly USD 85 billion each year from Indians residing in other countries. Furthermore, many Indian businesses are poised to benefit from an influx of USD 5-7 billion in consumer-to-business (C2B) payments.

These impressive numbers are expected to keep growing rapidly, supported by various positive factors such as changes in global supply chains, the ‘Make in India’ initiative, and the increasing Indian diaspora.

Amid this significant shift, PayGlocal remains dedicated to creating a robust platform that ensures secure, transparent, and reliable payments. The platform allows Indian businesses to accept payments from a global customer base, making international transactions smoother for everyone.

Q: What is PayGlocal's total user base?

A: As of now, PayGlocal caters to the needs of over 200 merchants, representing an early phase of our product-market fit journey. We're privileged to serve some of the largest online travel agencies and airlines in the country. The growth rate we're experiencing validates the investments made in our business, and we're confident this is just the start.

Q: Could you elaborate on PayGlocal's expansion plans?

A: The future path for PayGlocal holds a pivotal shift as we embark on a journey to broaden our global reach, setting up international offices to promote our cutting-edge products. Our strategic focus remains firmly on delivering solutions that have primarily served enterprise-level clients, with a strategic pivot towards empowering small and medium businesses (SMBs) in India.

As we look ahead, our roadmap is marked by forging strategic alliances with global banking partners and merchants in the upcoming quarters. Our sights are firmly set on key markets including the United States, Canada, the United Kingdom, Singapore, Australia, and the United Arab Emirates. This ambitious expansion is poised to redefine the landscape of international payment solutions and shape the future of global commerce.

Q: How is PayGlocal leveraging new technologies like artificial intelligence (AI) blockchain, big data etc for operations?

A: One where we've harnessed the power of AI and ML is in our state-of-the-art fraud detection system. Given the intricate nature of cross-border transactions, there's an increased risk of fraudulent activities.

Our system conducts real-time analysis and assessment of each transaction to detect and prevent potential fraudulent activity, thereby safeguarding our client's interests. This system learns continuously from every transaction, improving its ability to detect unusual patterns and potential risks over time.

In addition, we're utilising big data analytics to gain deep insights into customer behaviour and market trends. This helps us improve our services, tailor our product offerings, and make strategic decisions that position us well in the global market.

We are dedicated to continually pushing the envelope of technological advancements to deliver the most secure, efficient, and innovative payment solutions to our merchants, both in India and abroad.

Q: What did AWS enable you to do better, and can you talk about the benefits you experienced running on AWS?

A: Running on Amazon Web Services (AWS) has significantly enhanced our operations, leading to tangible benefits. AWS' scalable infrastructure has allowed us to effortlessly manage high transaction volumes, maintaining smooth and reliable service, even during peak times.

Additionally, the comprehensive suite of tools and services provided by AWS has facilitated faster development and deployment of our offerings. These ready-to-use resources have streamlined our development process, enabling us to bring our solutions to market rapidly.

AWS also stands out for its advanced security features and compliance certifications, matching our commitment to offer a secure platform to our customers. In sum, using AWS has allowed us to optimise our processes, increase our speed-to-market, and ensure a secure and reliable platform for our cross-border payment solutions.

Q: What specific benefits has PayGlocal experienced from having a partnership with the AWS Hyderabad data centre?

A: The presence of the AWS Hyderabad data centre has been instrumental in enabling PayGlocal as a fintech company to establish a robust and reliable disaster recovery (DR) solution. The data centre's advanced technology and high availability have provided us with the necessary infrastructure to ensure the continuity of our operations, safeguard sensitive financial data, and deliver uninterrupted services to our customers.

By leveraging the capabilities of the AWS Hyderabad data centre, we have enhanced our resilience against potential disruptions, mitigated risks, and increased the overall trust and confidence of our stakeholders.